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

by · The Cerbat Gem

Tesla, Inc. (NASDAQ:TSLA – Get Free Report) hit a new 52-week high on Tuesday after Mizuho raised their price target on the stock from $475.00 to $530.00. Mizuho currently has an outperform rating on the stock. Tesla traded as high as $491.50 and last traded at $489.88, with a volume of 103885764 shares traded. The stock had previously closed at $475.31.

Other research analysts have also recently issued research reports about the stock. Evercore ISI upped their price target on shares of Tesla from $235.00 to $300.00 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. New Street Research boosted their price objective on Tesla from $465.00 to $520.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. President Capital increased their target price on Tesla from $373.00 to $529.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Roth Capital set a $505.00 price target on Tesla and gave the company a “buy” rating in a research note on Thursday, October 23rd. Finally, TD Cowen upped their price objective on Tesla from $374.00 to $509.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, fourteen have assigned a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $400.86.

Check Out Our Latest Stock Report on TSLA

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,637 shares of Tesla stock in a transaction on Monday, December 8th. The shares were sold at an average price of $443.93, for a total transaction of $1,170,643.41. Following the transaction, the chief financial officer directly owned 13,757 shares of the company’s stock, valued at $6,107,145.01. The trade was a 16.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kimbal Musk sold 56,820 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $450.66, for a total transaction of $25,606,501.20. Following the completion of the sale, the director owned 1,391,615 shares of the company’s stock, valued at approximately $627,145,215.90. This represents a 3.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 19.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TSLA. Norges Bank bought a new stake in shares of Tesla in the second quarter worth about $11,839,824,000. Kingstone Capital Partners Texas LLC lifted its holdings in Tesla by 581,880.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock worth $2,044,683,000 after buying an additional 6,435,598 shares during the period. Vanguard Group Inc. lifted its holdings in Tesla by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer’s stock worth $79,856,764,000 after buying an additional 4,502,976 shares during the period. Amundi increased its stake in shares of Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock valued at $4,482,789,000 after buying an additional 3,814,610 shares during the period. Finally, Holocene Advisors LP raised its holdings in shares of Tesla by 132.2% during the third quarter. Holocene Advisors LP now owns 6,157,000 shares of the electric vehicle producer’s stock valued at $2,738,141,000 after acquiring an additional 3,505,000 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

The firm has a market capitalization of $1.63 trillion, a P/E ratio of 326.59, a PEG ratio of 15.50 and a beta of 1.87. The company has a 50-day simple moving average of $435.96 and a two-hundred day simple moving average of $377.25. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07.

Tesla (NASDAQ:TSLA – Get Free Report) last posted its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The company had revenue of $28.10 billion during the quarter, compared to analyst estimates of $24.98 billion. During the same quarter last year, the company earned $0.72 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

About Tesla

(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.

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