Tesla (NASDAQ:TSLA) Trading Up 2.7% - Here's Why

Tesla, Inc. (NASDAQ:TSLA - Get Free Report) was up 2.7% during trading on Wednesday . The stock traded as high as $325.09 and last traded at $324.87. Approximately 31,119,801 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 109,162,883 shares. The stock had previously closed at $316.35.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Roth Mkm reduced their price target on shares of Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group reduced their target price on Tesla from $295.00 to $285.00 and set a "neutral" rating for the company in a report on Friday, June 6th. Guggenheim reaffirmed a "sell" rating on shares of Tesla in a research note on Friday, June 13th. Bank of America decreased their price objective on Tesla from $490.00 to $380.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Finally, Cfra Research cut shares of Tesla from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, April 22nd. Ten research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $293.67.

Tesla Trading Up 1.9%

The business's fifty day simple moving average is $302.42 and its two-hundred day simple moving average is $332.66. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.04 trillion, a price-to-earnings ratio of 177.74, a PEG ratio of 12.36 and a beta of 2.47.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The company had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. During the same quarter in the prior year, the company earned $0.45 EPS. On average, equities analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 1,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the sale, the chief financial officer now owns 1,950 shares in the company, valued at approximately $682,500. This represents a 33.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president now owns 67,600 shares in the company, valued at $21,889,556. This trade represents a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 833,509 shares of company stock worth $278,648,925. 20.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Tesla

Large investors have recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of Tesla during the 4th quarter worth approximately $56,600,000. Focus Financial Network Inc. lifted its holdings in Tesla by 3.1% in the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock valued at $5,823,000 after acquiring an additional 670 shares during the period. Strategic Family Wealth Counselors L.L.C. boosted its position in shares of Tesla by 133.7% during the 4th quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer's stock worth $1,150,000 after purchasing an additional 1,629 shares in the last quarter. Harvard Management Co. Inc. acquired a new position in shares of Tesla during the 4th quarter worth $8,158,000. Finally, Blackston Financial Advisory Group LLC grew its stake in shares of Tesla by 40.4% during the 1st quarter. Blackston Financial Advisory Group LLC now owns 3,040 shares of the electric vehicle producer's stock worth $788,000 after purchasing an additional 874 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

About Tesla

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.

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