Tesla (NASDAQ:TSLA) Sees Strong Trading Volume Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA) shares saw unusually-high trading volume on Wednesday after Wedbush raised their price target on the stock from $275.00 to $300.00. Wedbush currently has an outperform rating on the stock. Approximately 38,140,691 shares traded hands during mid-day trading, a decline of 60% from the previous session’s volume of 96,062,297 shares.The stock last traded at $238.53 and had previously closed at $231.26.

A number of other brokerages have also issued reports on TSLA. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $120.00 price target on shares of Tesla in a research note on Monday. Morgan Stanley reaffirmed an “overweight” rating and issued a $310.00 price target on shares of Tesla in a research note on Thursday, June 20th. Truist Financial reiterated a “hold” rating and set a $162.00 price objective on shares of Tesla in a research report on Wednesday. Citigroup reiterated a “neutral” rating on shares of Tesla in a research report on Wednesday, June 12th. Finally, Canaccord Genuity Group reduced their price objective on Tesla from $234.00 to $222.00 and set a “buy” rating on the stock in a research report on Wednesday, April 24th. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $188.40.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The disclosure for this sale can be found here. Insiders own 20.90% of the company’s stock.

Institutional Trading of Tesla

Institutional investors and hedge funds have recently made changes to their positions in the company. Glenmede Trust Co. NA raised its stake in Tesla by 3.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 38,224 shares of the electric vehicle producer’s stock valued at $9,564,000 after acquiring an additional 1,303 shares during the last quarter. JT Stratford LLC raised its stake in Tesla by 5.4% during the 3rd quarter. JT Stratford LLC now owns 16,755 shares of the electric vehicle producer’s stock valued at $4,192,000 after acquiring an additional 855 shares during the last quarter. Sei Investments Co. raised its stake in Tesla by 8.1% during the 3rd quarter. Sei Investments Co. now owns 599,982 shares of the electric vehicle producer’s stock valued at $150,120,000 after acquiring an additional 44,985 shares during the last quarter. Scotia Capital Inc. raised its stake in Tesla by 2.4% during the 3rd quarter. Scotia Capital Inc. now owns 87,131 shares of the electric vehicle producer’s stock valued at $21,804,000 after acquiring an additional 2,018 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in Tesla by 5.2% during the 3rd quarter. Schroder Investment Management Group now owns 1,981,722 shares of the electric vehicle producer’s stock valued at $495,866,000 after acquiring an additional 98,052 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Trading Up 3.2 %

The company has a 50 day simple moving average of $179.16 and a 200 day simple moving average of $191.09. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $761.01 billion, a PE ratio of 59.00, a P/E/G ratio of 4.91 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.35. The business had revenue of $21.30 billion during the quarter, compared to the consensus estimate of $22.15 billion. Tesla had a return on equity of 13.18% and a net margin of 14.37%. Analysts predict that Tesla, Inc. will post 1.86 earnings per share for the current fiscal 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.