Tesla (NASDAQ:TSLA) Reaches New 12-Month High Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA)’s stock price hit a new 52-week high during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $250.00 to $345.00. The Goldman Sachs Group currently has a neutral rating on the stock. Tesla traded as high as $412.53 and last traded at $406.23, with a volume of 11660559 shares trading hands. The stock had previously closed at $400.99.

A number of other equities analysts have also weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research note on Thursday, October 24th. Wolfe Research began coverage on shares of Tesla in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Guggenheim boosted their price target on Tesla from $156.00 to $175.00 and gave the company a “sell” rating in a report on Thursday, December 5th. Royal Bank of Canada boosted their price objective on shares of Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Finally, Barclays lifted their target price on shares of Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Nine analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $257.36.

Insider Activity

In other Tesla news, Director Kimbal Musk sold 60,500 shares of Tesla stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now directly owns 1,563,220 shares in the company, valued at $391,164,540.60. This trade represents a 3.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at $26,258,000. This trade represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 522,886 shares of company stock valued at $171,393,831 in the last 90 days. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

Large investors have recently bought and sold shares of the business. Connable Office Inc. lifted its stake in Tesla by 0.3% in the third quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock valued at $3,368,000 after buying an additional 38 shares during the period. Community Bank N.A. boosted its stake in Tesla by 4.4% in the 3rd quarter. Community Bank N.A. now owns 908 shares of the electric vehicle producer’s stock worth $238,000 after purchasing an additional 38 shares during the period. Holistic Financial Partners grew its holdings in shares of Tesla by 1.0% during the third quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer’s stock worth $1,061,000 after buying an additional 40 shares in the last quarter. Integris Wealth Management LLC grew its stake in shares of Tesla by 1.0% during the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after acquiring an additional 42 shares in the last quarter. Finally, Sherrill & Hutchins Financial Advisory Inc boosted its holdings in Tesla by 1.4% during the third quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock worth $800,000 after purchasing an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 1.3 %

The firm’s 50 day simple moving average is $288.09 and its 200-day simple moving average is $240.67. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 109.86, a price-to-earnings-growth ratio of 12.64 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last announced 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 firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter last year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

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.