Tesla (NASDAQ:TSLA) Upgraded to Buy at China Renaissance

Tesla (NASDAQ:TSLA) was upgraded by investment analysts at China Renaissance from a “hold” rating to a “buy” rating in a research note issued on Friday, Briefing.com reports. The firm currently has a $290.00 price target on the electric vehicle producer’s stock. China Renaissance’s price target indicates a potential upside of 17.70% from the stock’s current price.

A number of other equities analysts have also recently issued reports on TSLA. The Goldman Sachs Group reiterated a “neutral” rating and set a $175.00 target price on shares of Tesla in a report on Wednesday. Wells Fargo & Company reiterated an “underweight” rating and set a $120.00 target price on shares of Tesla in a report on Monday. Evercore ISI lowered their target price on Tesla from $155.00 to $145.00 and set an “in-line” rating for the company in a report on Monday, April 29th. Morgan Stanley reiterated an “overweight” rating and set a $310.00 target price on shares of Tesla in a report on Thursday, June 20th. Finally, Truist Financial reiterated a “hold” rating and set a $162.00 target price on shares of Tesla in a report on Wednesday. Seven equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $192.71.

Tesla Stock Performance

TSLA stock opened at $246.39 on Friday. The business’s fifty day moving average is $184.10 and its 200-day moving average is $191.70. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. The company has a market cap of $785.79 billion, a P/E ratio of 62.85, a price-to-earnings-growth ratio of 6.11 and a beta of 2.31. Tesla has a twelve month low of $138.80 and a twelve month high of $299.29.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. Tesla had a return on equity of 13.18% and a net margin of 14.37%. The company had revenue of $21.30 billion for the quarter, compared to the consensus estimate of $22.15 billion. Equities research analysts forecast that Tesla will post 1.86 EPS for the current year.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares in the company, valued at $11,350,652.55. The disclosure for this sale can be found here. Insiders own 20.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Tesla during the fourth quarter worth $7,844,757,000. International Assets Investment Management LLC grew its stake in shares of Tesla by 25,990.7% during the fourth quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock worth $1,541,273,000 after buying an additional 6,179,032 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Tesla by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock worth $57,102,287,000 after buying an additional 3,866,361 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Tesla by 2,101.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock worth $365,064,000 after buying an additional 1,402,443 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Tesla by 12.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after purchasing an additional 1,125,329 shares during the period. 66.20% of the stock is owned by institutional investors.

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.