Tesla, Inc. (NASDAQ:TSLA) Chief Financial Officer Vaibhav Taneja recently sold shares of the electric vehicle manufacturer's stock, according to a Form 4 filing with the Securities and Exchange Commission. On December 6, Taneja disposed of 2,605.5 shares at an average price of $374.21 per share, generating a total of approximately $975,014. The sale comes as Tesla's stock trades near its 52-week high of $404.80, with the company's market capitalization reaching $1.25 trillion. According to InvestingPro analysis, Tesla is currently trading above its Fair Value.
This sale was part of a transaction to cover tax obligations related to the vesting of restricted stock units. On December 5, Taneja acquired 6,538 shares through the vesting of these units, which were issued at no cost. Following these transactions, Taneja holds 108,964.75 shares of Tesla common stock. InvestingPro data reveals Tesla has delivered impressive returns, with a 120% price gain over the past six months. Subscribers can access 24 additional ProTips and comprehensive valuation metrics in Tesla's Pro Research Report.
In other recent news, Tesla's outlook on autonomous driving technology has led CFRA to raise its price target to $450. The firm maintains its Buy rating, citing Tesla's advancements in self-driving capabilities as a key factor. This optimism is bolstered by the recent release of Tesla's Full Self-Driving (FSD) version 13, showcasing new features such as autonomous parking.
In the realm of artificial intelligence, Elon Musk's venture, xAI, has secured a significant $6 billion in its latest funding round. This comes on the heels of an announcement that xAI plans to expand its "Colossus" supercomputer facility ten-fold, potentially transforming Memphis into a global hub for artificial intelligence.
Turning to sales, Tesla had a record-breaking month in October, with global passenger xEV sales hitting a new all-time high of 1.76 million units, as reported by Bernstein. This represents a significant increase, further solidifying Tesla's position in the market.
On the analyst front, there have been mixed signals. Guggenheim maintained a Sell rating on Tesla's stock, citing potential risks to future growth targets. Conversely, BofA Securities maintained a Buy rating, highlighting the potential of Tesla's Optimus robot to drive the next wave of automation. These are recent developments that investors should keep an eye on.
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