Tesla (NASDAQ:TSLA) Hits New 1-Year High – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $473.85 and last traded at $473.85, with a volume of 5531798 shares traded. The stock had previously closed at $463.02.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TSLA. Wells Fargo & Company upped their price objective on Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. William Blair began coverage on shares of Tesla in a report on Thursday, August 29th. They set an “outperform” rating on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research report on Thursday, October 24th. StockNews.com upgraded Tesla from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Canaccord Genuity Group lifted their price objective on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Nine equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $272.06.

Tesla Price Performance

The business’s 50 day moving average is $314.87 and its two-hundred day moving average is $252.94. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The firm has a market capitalization of $1.41 trillion, a PE ratio of 120.58, a P/E/G ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same period last year, the business earned $0.53 earnings per share. The business’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, research analysts anticipate that Tesla, Inc. will post 1.99 EPS for the current year.

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $40,775,792.65. This represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $314.44, for a total value of $35,339,911.60. Following the transaction, the director now owns 85,000 shares in the company, valued at approximately $26,727,400. This represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 522,886 shares of company stock valued at $171,393,831. Insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Transcendent Capital Group LLC purchased a new stake in Tesla in the third quarter worth about $29,000. Clean Yield Group boosted its position in shares of Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares in the last quarter. Abich Financial Wealth Management LLC increased its stake in shares of Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Valley Wealth Managers Inc. bought a new position in shares of Tesla during the second quarter valued at approximately $26,000. Finally, Peterson Financial Group Inc. bought a new position in shares of Tesla during the third quarter valued at $35,000. 66.20% of the stock is currently owned by institutional investors.

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.