Tesla (NASDAQ:TSLA) Trading 1% Higher – Time to Buy?

20 Dec 2024, 18:30 by Kim Johansen · The Markets Daily

Tesla, Inc. (NASDAQ:TSLA – Get Free Report) was up 1% during trading on Friday . The company traded as high as $444.40 and last traded at $440.32. Approximately 47,816,958 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 95,026,813 shares. The stock had previously closed at $436.17.

Analyst Upgrades and Downgrades

Several research firms recently 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 report on Thursday, October 24th. Stifel Nicolaus increased their price target on shares of Tesla from $287.00 to $411.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Truist Financial upped their target price on Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research note 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 research note on Thursday, October 24th. Finally, Wells Fargo & Company raised 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. Nine equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $272.06.

View Our Latest Stock Report on Tesla

Tesla Stock Up 2.2 %

The stock’s 50-day simple moving average is $318.82 and its 200-day simple moving average is $254.21. 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 firm has a market capitalization of $1.43 trillion, a P/E ratio of 122.16, a P/E/G ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA – Get Free Report) 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. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the business posted $0.53 earnings per share. As a group, research analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $26,727,400. The trade was a 56.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $374.21, for a total value of $975,191.26. Following the completion of the transaction, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at $40,775,792.65. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 522,886 shares of company stock worth $171,393,831. Insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of large investors have recently modified their holdings of TSLA. International Assets Investment Management LLC grew its position in Tesla by 35,611.2% during the third quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after buying an additional 11,023,436 shares in the last quarter. Clean Energy Transition LLP raised its stake in Tesla by 347.7% in the second quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock valued at $953,505,000 after purchasing an additional 6,764,300 shares in the last quarter. Strategic Financial Concepts LLC lifted its position in Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after purchasing an additional 5,875,484 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Tesla by 13.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after buying an additional 2,946,763 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Tesla by 52.0% in the 3rd quarter. Wellington Management Group LLP now owns 7,344,526 shares of the electric vehicle producer’s stock worth $1,921,548,000 after buying an additional 2,511,488 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

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