Tesla (NASDAQ:TSLA) Sets New 12-Month High on Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA) hit a new 52-week high on Thursday after Guggenheim raised their price target on the stock from $156.00 to $175.00. Guggenheim currently has a sell rating on the stock. Tesla traded as high as $374.36 and last traded at $370.70, with a volume of 26497610 shares changing hands. The stock had previously closed at $357.93.

A number of other research firms have also weighed in on TSLA. Canaccord Genuity Group upped their price objective on shares of Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Thursday, October 24th. JPMorgan Chase & Co. lifted their price target on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. Truist Financial upped their price objective on Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada raised their price objective on Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Nine analysts have rated the stock with a sell rating, sixteen have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $245.84.

Insiders Place Their Bets

In related news, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at $26,727,400. This represents a 56.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 420,577 shares of company stock worth $135,230,506. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several hedge funds and other institutional investors have recently made changes to their positions in TSLA. Transcendent Capital Group LLC purchased a new position in shares of Tesla during the 3rd quarter worth $29,000. Clean Yield Group grew its stake in shares of Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after buying an additional 48 shares during the period. Abich Financial Wealth Management LLC raised its position in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares during the period. Valley Wealth Managers Inc. acquired a new position in Tesla in the second quarter valued at approximately $26,000. Finally, Peterson Financial Group Inc. purchased a new position in Tesla in the third quarter worth approximately $35,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Up 3.6 %

The company has a 50 day moving average price of $280.65 and a 200 day moving average price of $235.96. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The firm has a market cap of $1.19 trillion, a price-to-earnings ratio of 98.55, a price-to-earnings-growth ratio of 11.41 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.53 EPS. On average, research analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current year.

Tesla Company Profile

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.