Tesla (NASDAQ:TSLA) Shares Climb 1.7% – What’s Next?

Tesla, Inc. (NASDAQ:TSLA) rose 1.7% during mid-day trading on Thursday. The stock traded as high as $401.22 and last traded at $397.45. Approximately 28,540,667 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 49,836,957 shares. The stock had previously closed at $390.84.

Key Stories Impacting Tesla

Here are a few of the latest stories about TSLA:

• Positive Sentiment: Potential Cybertruck handoff: Unplugged Performance has offered to take over the Cybertruck line, with a proposal under which Tesla could receive licensing fees while shifting factory capacity toward Cybercab. The offer could reduce the impact of ending production, but it is not a completed agreement. Unplugged offers to take over Cybertruck line
• Positive Sentiment: European software approval: Finland has approved Tesla’s supervised driver-assistance system, adding momentum ahead of a potential broader EU decision. Wider approval could expand software opportunities, but the system remains subject to limitations and EU-wide authorization is pending. Finland approves Tesla’s assisted driving system
• Negative Sentiment: Large investment burden: Musk’s chip-factory plan has been described as potentially costing $1 trillion—an enormous commitment that the article says Tesla’s cash flow could not cover. Funding needs and returns on such spending could weigh on investors’ view of the autonomy and AI strategy. Musk’s chip plan and Tesla cash flow

Analyst Ratings Changes

A number of brokerages recently commented on TSLA. Canaccord Genuity Group set a $442.00 price objective on Tesla and gave the stock a “buy” rating in a research note on Thursday, October 22nd. The Goldman Sachs Group reiterated a “neutral” rating on shares of Tesla in a research note on Thursday, October 22nd. Wells Fargo & Company reissued a “buy” rating on shares of Tesla in a report on Thursday, October 1st. Tigress Financial started coverage on shares of Tesla in a research report on Thursday, October 22nd. They set a “buy” rating for the company. Finally, Deutsche Bank started coverage on shares of Tesla in a report on Monday, October 26th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, seventeen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Tesla currently has a consensus rating of “Moderate Buy” and a consensus price target of $414.51.

Tesla Stock Up 1.7%

The firm has a 50 day simple moving average of $373.66 and a two-hundred day simple moving average of $383.44. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.39 and a current ratio of 1.74. The stock has a market cap of $1.57 trillion, a P/E ratio of 436.76, a P/E/G ratio of 23.53 and a beta of 1.74.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 21st. The electric vehicle producer reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.02. The company had revenue of $28.05 billion during the quarter, compared to analysts’ expectations of $28.06 billion. Tesla had a return on equity of 3.03% and a net margin of 3.11%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.50 earnings per share. Equities research analysts predict that Tesla, Inc. will post 0.67 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $360.13, for a total value of $938,498.78. Following the completion of the transaction, the chief financial officer owned 25,972 shares in the company, valued at $9,353,296.36. This represents a 9.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 20.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Tesla

Several large investors have recently bought and sold shares of the stock. Legal & General Group Plc bought a new position in shares of Tesla in the second quarter valued at approximately $8,535,612,000. Bank of New York Mellon Corp bought a new stake in Tesla during the second quarter worth approximately $6,083,630,000. Deutsche Bank AG bought a new stake in Tesla during the second quarter worth approximately $4,039,090,000. Canada Pension Plan Investment Board acquired a new stake in Tesla in the second quarter worth approximately $3,144,509,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Tesla in the second quarter worth approximately $2,995,584,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Company Profile

Tesla, Inc. designs, develops, manufactures and sells electric vehicles and energy products. Its vehicle lineup includes the Model S, Model 3, Model X, Model Y and Cybertruck, along with related software and services. The company also provides energy generation and storage products, including solar systems, Powerwall home batteries and Megapack utility-scale storage. Its services include vehicle maintenance, charging through the Supercharger network and software features for its vehicles. Founded in 2003 and headquartered in Austin, Texas, Tesla serves customers in markets around the world.