Tesla (NASDAQ:TSLA) Stock Price Up 17.1% on Earnings Beat

Tesla, Inc. (NASDAQ:TSLA) was up 17.1% on Thursday following a better than expected earnings announcement. The stock traded as high as $251.10 and last traded at $250.15. Approximately 83,361,524 shares were traded during trading, a decline of 11% from the average daily volume of 93,753,125 shares. The stock had previously closed at $213.65.

The electric vehicle producer reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.14. The business had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 earnings per share.

Wall Street Analysts Forecast Growth

TSLA has been the topic of a number of recent analyst reports. William Blair initiated coverage on shares of Tesla in a report on Thursday, August 29th. They issued an “outperform” rating on the stock. KGI Securities upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target on the stock in a report on Thursday. The Goldman Sachs Group raised their price target on shares of Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday. Sanford C. Bernstein restated an “underperform” rating and issued a $120.00 price target on shares of Tesla in a report on Thursday, October 3rd. Finally, Barclays lowered their price target on shares of Tesla from $225.00 to $220.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Eight analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus target price of $218.18.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

Several hedge funds have recently bought and sold shares of TSLA. International Assets Investment Management LLC grew its holdings in Tesla by 35,611.2% in the 3rd quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock valued at $2,892,160,000 after buying an additional 11,023,436 shares during the last quarter. Clean Energy Transition LLP raised its position in Tesla by 347.7% in the 2nd 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 during the last quarter. Strategic Financial Concepts LLC increased its stake in shares of Tesla by 21,816.0% in the 2nd 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 buying an additional 5,875,484 shares during the period. Vanguard Group Inc. increased its stake in shares of Tesla by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after buying an additional 3,795,748 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Tesla by 236.8% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,104,010 shares of the electric vehicle producer’s stock valued at $416,341,000 after buying an additional 1,479,378 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Trading Up 21.9 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The firm has a market capitalization of $832.14 billion, a price-to-earnings ratio of 73.17, a PEG ratio of 6.24 and a beta of 2.29. The business has a 50 day moving average of $228.54 and a 200 day moving average of $206.41.

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.