Tesla (NASDAQ:TSLA) Shares Up 2.1% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA)’s stock price was up 2.1% during mid-day trading on Tuesday . The company traded as high as $424.54 and last traded at $420.60. 42,711,511 shares traded hands during trading, a decline of 27% from the average session volume of 58,787,098 shares. The stock had previously closed at $411.84.

Tesla News Roundup

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Tesla’s Q2 deliveries may come in above expectations, with stronger Europe and China demand lifting forecasts. Reuters article on copper to aluminum shift
• Positive Sentiment: The company started testing its Cybercab without pedals or a steering wheel, highlighting progress in Tesla’s autonomy and robotaxi strategy. TechCrunch Cybercab article
• Positive Sentiment: Full Self-Driving updates for older vehicles and renewed investor optimism around autonomy helped fuel the rally. MarketWatch self-driving update article
• Neutral Sentiment: Wall Street remains split on Tesla’s valuation, with some models implying only modest upside over the next year. 24/7 Wall St. price target article
• Negative Sentiment: Some analysts say Tesla’s robotaxi model could face profitability pressure if human safety drivers remain necessary. Benzinga robotaxi economics article

Analyst Ratings Changes

Several equities research analysts recently commented on TSLA shares. Mizuho cut their price target on shares of Tesla from $540.00 to $480.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Roth Mkm reiterated a “buy” rating on shares of Tesla in a research report on Thursday, April 23rd. Phillip Securities cut their target price on shares of Tesla from $220.00 to $215.00 and set a “sell” rating for the company in a research note on Wednesday, May 13th. Bank of America assumed coverage on shares of Tesla in a research report on Wednesday, March 4th. They set a “buy” rating and a $460.00 price target for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $600.00 price target on shares of Tesla in a research note on Tuesday, April 21st. Twenty-one investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus price target of $403.07.

Tesla Stock Performance

The company has a market cap of $1.58 trillion, a price-to-earnings ratio of 385.87, a PEG ratio of 15.18 and a beta of 1.80. The firm’s 50 day simple moving average is $406.07 and its 200-day simple moving average is $412.75. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.62 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA) last issued its earnings results on Thursday, April 23rd. The electric vehicle producer reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $22.39 billion during the quarter, compared to analysts’ expectations of $22.96 billion. Tesla had a net margin of 3.95% and a return on equity of 4.89%. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 earnings per share. On average, sell-side analysts predict that Tesla, Inc. will post 1.19 EPS for the current year.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $450.00, for a total transaction of $1,350,000.00. Following the transaction, the chief financial officer directly owned 18,106 shares in the company, valued at $8,147,700. The trade was a 14.21% decrease in their position. The sale was disclosed in a document filed 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. Also, Director Kathleen Wilson-Thompson sold 26,409 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $378.11, for a total value of $9,985,506.99. Following the completion of the sale, the director owned 48,399 shares of the company’s stock, valued at $18,300,145.89. This trade represents a 35.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,015 shares of company stock worth $12,383,640 over the last three months. Corporate insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Crestwood Advisors Group LLC lifted its holdings in Tesla by 34.7% during the 4th quarter. Crestwood Advisors Group LLC now owns 19,567 shares of the electric vehicle producer’s stock worth $8,799,000 after buying an additional 5,039 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Tesla by 29.6% in the third quarter. Gamco Investors INC. ET AL now owns 32,576 shares of the electric vehicle producer’s stock worth $14,487,000 after acquiring an additional 7,446 shares in the last quarter. Calamos Wealth Management LLC grew its stake in shares of Tesla by 5.9% in the fourth quarter. Calamos Wealth Management LLC now owns 41,907 shares of the electric vehicle producer’s stock worth $18,846,000 after acquiring an additional 2,341 shares in the last quarter. Private Capital Advisors Inc. increased its position in shares of Tesla by 139.3% during the fourth quarter. Private Capital Advisors Inc. now owns 21,331 shares of the electric vehicle producer’s stock worth $9,593,000 after acquiring an additional 12,417 shares during the period. Finally, Wealthquest Corp acquired a new stake in shares of Tesla in the fourth quarter valued at $1,035,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

About Tesla

Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.