Tesla, Inc. (NASDAQ:TSLA - Get Free Report)'s share price was up 2.3% on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $449.40 and last traded at $448.98. Approximately 125,661,712 shares were traded during mid-day trading, an increase of 23% from the average daily volume of 101,762,953 shares. The stock had previously closed at $438.97.
The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same period in the prior year, the company earned $0.72 EPS. Tesla's revenue for the quarter was up 11.6% on a year-over-year basis.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on TSLA. Glj Research reissued a "sell" rating on shares of Tesla in a research note on Wednesday. Robert W. Baird raised Tesla from a "neutral" rating to an "outperform" rating and increased their price target for the company from $320.00 to $548.00 in a research note on Friday, September 19th. Stifel Nicolaus set a $483.00 target price on Tesla and gave the stock a "buy" rating in a research note on Wednesday, October 8th. Daiwa Capital Markets reaffirmed a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Finally, Truist Financial raised their target price on Tesla from $280.00 to $406.00 and gave the stock a "hold" rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have issued a Hold rating and eleven have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $375.50.
Get Our Latest Analysis on TSLA
Insider Activity
In related news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 202,606 shares of company stock worth $75,588,902 over the last 90 days. 19.90% of the stock is currently owned by corporate insiders.
Institutional Trading of Tesla
A number of hedge funds have recently bought and sold shares of the business. Brighton Jones LLC increased its position in Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after buying an additional 9,293 shares during the last quarter. Revolve Wealth Partners LLC increased its position in Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after buying an additional 931 shares during the last quarter. Bison Wealth LLC increased its position in Tesla by 52.2% in the fourth quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock worth $4,187,000 after buying an additional 3,558 shares during the last quarter. GAMMA Investing LLC increased its position in Tesla by 6.0% in the first quarter. GAMMA Investing LLC now owns 37,862 shares of the electric vehicle producer's stock worth $9,812,000 after buying an additional 2,153 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. increased its position in Tesla by 486.4% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 692 shares of the electric vehicle producer's stock worth $179,000 after buying an additional 574 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.
Tesla Stock Up 2.3%
The firm has a market capitalization of $1.49 trillion, a PE ratio of 259.53, a P/E/G ratio of 15.91 and a beta of 2.08. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock has a 50-day simple moving average of $393.73 and a 200-day simple moving average of $336.97.
Tesla Company Profile
(
Get Free Report)
Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.
Further Reading
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