Tesla (NASDAQ:TSLA) Stock Price Up 2.3% on Analyst Upgrade

Posted by ABMN Staff on Jul 14th, 2024

Tesla, Inc. (NASDAQ:TSLA – Get Free Report) shares were up 2.3% during trading on Friday after Citigroup raised their price target on the stock from $182.00 to $274.00. Citigroup currently has a neutral rating on the stock. Tesla traded as high as $247.68 and last traded at $246.50. Approximately 57,458,156 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 99,311,883 shares. The stock had previously closed at $241.03.

A number of other analysts have also commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Wednesday, April 24th. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $120.00 target price on shares of Tesla in a research note on Monday, July 1st. Royal Bank of Canada dropped their price target on shares of Tesla from $293.00 to $227.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. Guggenheim increased their price objective on shares of Tesla from $126.00 to $134.00 and gave the company a “sell” rating in a report on Wednesday, July 3rd. Finally, Evercore ISI lowered their target price on shares of Tesla from $155.00 to $145.00 and set an “in-line” rating for the company in a report on Monday, April 29th. Eight research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $201.58.

Get Our Latest Report on TSLA

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction on Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at $2,772,900. The disclosure for this sale can be found here. 25.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Lam Group Inc. bought a new position in shares of Tesla in the fourth quarter valued at $25,000. Bank & Trust Co acquired a new position in shares of Tesla during the 2nd quarter worth about $25,000. Mendota Financial Group LLC raised its holdings in shares of Tesla by 202.2% in the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock valued at $34,000 after purchasing an additional 91 shares during the period. OLD Point Trust & Financial Services N A acquired a new stake in Tesla in the 4th quarter valued at about $37,000. Finally, Kathleen S. Wright Associates Inc. grew its holdings in Tesla by 111.1% during the fourth quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock worth $47,000 after purchasing an additional 100 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Tesla Trading Up 3.0 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.17. The business has a 50-day simple moving average of $192.75 and a two-hundred day simple moving average of $191.27. The stock has a market cap of $791.66 billion, a price-to-earnings ratio of 63.32, a P/E/G ratio of 6.02 and a beta of 2.31.

Tesla (NASDAQ:TSLA – Get Free Report) last posted its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.35. Tesla had a return on equity of 13.18% and a net margin of 14.37%. The business had revenue of $21.30 billion for the quarter, compared to analyst estimates of $22.15 billion. Equities analysts forecast that Tesla, Inc. will post 1.85 EPS for the current fiscal year.

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.