Piper Sandler Increases Tesla (NASDAQ:TSLA) Price Target to $310.00

Tesla (NASDAQ:TSLA) had its target price increased by Piper Sandler from $300.00 to $310.00 in a report released on Wednesday morning, Marketbeat Ratings reports. Piper Sandler currently has an overweight rating on the electric vehicle producer’s stock.

Other equities research analysts also recently issued research reports about the stock. HSBC upped their target price on shares of Tesla from $120.00 to $130.00 in a research note on Wednesday, July 10th. Guggenheim raised their price objective on Tesla from $134.00 to $153.00 and gave the stock a sell rating in a research note on Friday, September 13th. Citigroup decreased their target price on Tesla from $274.00 to $258.00 and set a neutral rating for the company in a research note on Wednesday, July 24th. Oppenheimer reaffirmed a market perform rating on shares of Tesla in a research report on Tuesday, July 9th. Finally, Glj Research reiterated a sell rating and set a $24.86 price objective on shares of Tesla in a report on Thursday, September 5th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $209.90.

Tesla Stock Performance

TSLA stock opened at $257.02 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. Tesla has a twelve month low of $138.80 and a twelve month high of $271.00. The business’s fifty day moving average is $221.20 and its 200-day moving average is $197.14. The company has a market cap of $821.09 billion, a P/E ratio of 65.57, a price-to-earnings-growth ratio of 6.80 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. Tesla’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. Equities research analysts forecast that Tesla will post 1.75 EPS for the current year.

Insider Activity

In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares in the company, valued at $18,696,600. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,661 shares of company stock valued at $16,663,291. 25.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Tesla

Several institutional investors and hedge funds have recently modified their holdings of the stock. Clean Energy Transition LLP boosted its holdings in shares of Tesla by 347.7% during the 2nd quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock worth $953,505,000 after buying an additional 6,764,300 shares during the period. Strategic Financial Concepts LLC grew its position in shares of Tesla by 21,816.0% in the second 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 purchasing an additional 5,875,484 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Tesla by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock worth $57,102,287,000 after purchasing an additional 3,866,361 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in 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 purchasing an additional 1,479,378 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Tesla by 12.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after buying an additional 1,125,329 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

About Tesla

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.