The Vanguard Group, Inc. recently announced the acquisition of new stake in Tesla Inc (NASDAQ:TSLA). The institutional investor has increased its shareholding in the Consumer Cyclical company by 1.50% to 214.26 million shares with purchase of 3.17 million shares. This fresh investment now brings its stake to 6.74% valued currently at $51.44 billion. In addition, BlackRock Fund Advisors raised its holdings by 2.99 million to 119.4 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.72% or 0.75 million shares – to 104.86 million shares.
With over 93.14 million Tesla Inc (TSLA) shares trading Friday and a closing price of $252.54 on the day, the dollar volume was approximately $23.52 billion. The shares have shown a positive half year performance of 4.77% and its price on 12/22/23 lost nearly -0.77%. Currently, there are 3.16B common shares owned by the public and among those 2.76B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 49 analysts who have offered their price forecasts for TSLA have a consensus price objective of $241.00. The analysts have set the share’s price value over the next 12 months at a high of $380.00 and a low of $53.00. The average price target is -4.79% below its recent price level and a downside to the estimated low will see the stock lose -376.49% over that period. But an upside of 33.54% will see the stock hit the forecast high price target while median target price for the stock is $258.80.
Insiders at the company have transacted a total of 89 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 342,276 shares. Insider sales of the common stock occurred on 51 occasions, with total insider shares sold totaling 4,509,210 shares.
The top 3 mutual fund holders in Tesla Inc are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Fidelity 500 Index Fund. Vanguard Total Stock Market ETF owns 84.57 million shares of the company’s stock, all valued at over $20.3 billion. The company bought an additional 0.12 million shares recently to bring their total holdings to about 2.66% of the shares outstanding. Vanguard 500 Index Fund bought 0.32 million shares to see its total holdings expand to 66.68 million shares valued at over $16.01 billion and representing 2.10% of the shares outstanding. Fidelity 500 Index Fund bought 0.25 million shares to bring its total holdings to over 31.97 million shares at a value of $7.68 billion. Fidelity 500 Index Fund now owns shares totaling to 1.01% of the shares outstanding.
Shares of Tesla Inc (NASDAQ: TSLA) opened at $256.76, up $2.26 from a prior closing price of $254.50. The company’s stock has a 5-day price change of -0.38% and 2.25% over the past three months. TSLA shares are trading 105.02% year to date (YTD), with the 12-month market performance up to 83.57% higher. It has a 12-month low price of $101.81 and touched a high of $299.29 over the same period. TSLA has an average intraday trading volume of 121.15 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.65%, 8.54%, and 11.10% respectively.
Institutional ownership of Tesla Inc (NASDAQ: TSLA) shares accounts for 43.94% of the company’s 3.16B shares outstanding. Mutual fund holders own 17.18%, while other institutional holders and individual stakeholders account for 26.84% and 13.80% respectively.
It has a market capitalization of $802.80B and a beta (3y monthly) value of 2.32. The stock’s trailing 12-month PE ratio is 81.32, while the earnings-per-share (ttm) stands at $3.11. The company has a PEG of 45.69 and a Quick Ratio of 1.18 with the debt-to-equity ratio at 0.15. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.10% over the week and 3.44% over the month.
Analysts forecast that Tesla Inc (TSLA) will achieve an EPS of $0.74 for the current quarter, $0.84 for the next quarter and $3.8 for 2024. The lowest estimate earnings-per-share for the quarter is $0.55 while analysts give the company a high EPS estimate of $0.92. Comparatively, EPS for the current quarter was $1.19 a year ago. Earnings per share for the fiscal year are expected to decrease by -24.72%, and 25.06% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 49 brokerage firm advisors rate Tesla Inc (TSLA) as a “Moderate Buy” at a consensus score of 2.51. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 21 of the 49 advise that investors “hold,” and 6 rated it as a “Sell.”
Looking at the support for the TSLA, a number of firms have released research notes about the stock. HSBC Securities stated their Reduce rating for the stock in a research note on November 09, 2023, with the firm’s price target at $146.
