Tesla (NASDAQ:TSLA) Trading Up 2.9% - Here's What Happened

Key Points

• Tesla's stock rose 2.9% during mid-day trading, closing at $331.51 after a drop in trading volume of 64% compared to its average.
• Multiple analysts have issued mixed ratings on Tesla, with a consensus rating of "Hold" and a consensus price target of $303.31.
• In its latest earnings report, Tesla reported $0.40 EPS, missing estimates, with revenue down 11.8% from the previous year.

Tesla, Inc. (NASDAQ:TSLA - Get Free Report) was up 2.9% during mid-day trading on Friday . The company traded as high as $334.67 and last traded at $331.51. Approximately 37,823,145 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 106,403,516 shares. The stock had previously closed at $322.27.

Analysts Set New Price Targets

Several research firms have issued reports on TSLA. Needham & Company LLC restated a "hold" rating on shares of Tesla in a report on Thursday, July 24th. Benchmark reiterated a "buy" rating and issued a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. HSBC restated a "reduce" rating and set a $120.00 price target on shares of Tesla in a research note on Thursday, July 3rd. JPMorgan Chase & Co. decreased their price target on shares of Tesla from $120.00 to $115.00 and set an "underweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Truist Financial set a $280.00 price objective on shares of Tesla in a report on Tuesday, April 22nd. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $303.31.

Tesla Stock Up 2.3%

The company has a fifty day moving average price of $319.07 and a 200-day moving average price of $308.84. The firm has a market capitalization of $1.06 trillion, a PE ratio of 190.12, a PEG ratio of 11.24 and a beta of 2.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. Tesla's quarterly revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. As a group, analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the sale, the senior vice president owned 67,600 shares of the company's stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the sale, the director owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 602,724 shares of company stock valued at $214,176,831 in the last ninety days. Insiders own 20.70% of the company's stock.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently modified their holdings of the company. True Wealth Design LLC increased its stake in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. LGT Financial Advisors LLC bought a new position in Tesla during the 2nd quarter worth approximately $29,000. Navigoe LLC bought a new position in Tesla during the 4th quarter worth approximately $37,000. Cherry Tree Wealth Management LLC raised its position in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares during the period. Finally, First PREMIER Bank raised its position in shares of Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 42 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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