Wedbush Reaffirms “Outperform” Rating for Tesla (NASDAQ:TSLA)

Tesla (NASDAQ:TSLA)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a report issued on Monday,Benzinga reports. They presently have a $400.00 target price on the electric vehicle producer’s stock. Wedbush’s price target suggests a potential upside of 15.61% from the stock’s previous close.

Other analysts have also issued research reports about the company. Truist Financial boosted their price target on Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Argus restated a “buy” rating and set a $286.00 target price on shares of Tesla in a research note on Friday, July 26th. Stifel Nicolaus increased their price objective on shares of Tesla from $265.00 to $287.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Roth Mkm restated a “neutral” rating and set a $85.00 target price on shares of Tesla in a research note on Friday, October 11th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $310.00 price target on shares of Tesla in a research note on Thursday, October 3rd. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $230.18.

Tesla Stock Up 2.1 %

TSLA opened at $346.00 on Monday. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. Tesla has a twelve month low of $138.80 and a twelve month high of $358.64. The stock has a market capitalization of $1.11 trillion, a price-to-earnings ratio of 94.79, a PEG ratio of 10.42 and a beta of 2.29. The firm has a 50 day moving average price of $257.14 and a 200-day moving average price of $223.29.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. During the same quarter in the previous year, the company posted $0.53 earnings per share. Tesla’s revenue was up 7.8% compared to the same quarter last year. Equities research analysts forecast that Tesla will post 1.99 earnings per share for the current year.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The stock was 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 $14,967,479.07. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 7.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 301,187 shares of company stock valued at $92,956,692 in the last three months. 20.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tesla

A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in shares of Tesla by 1.8% during the third quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer’s stock valued at $15,469,792,000 after purchasing an additional 1,022,589 shares during the last quarter. FMR LLC increased its holdings in shares of Tesla by 3.5% during the third quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer’s stock valued at $6,473,008,000 after purchasing an additional 828,308 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Tesla by 13.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after purchasing an additional 2,946,763 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Tesla by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer’s stock valued at $4,328,884,000 after buying an additional 301,968 shares during the period. Finally, Jennison Associates LLC raised its position in shares of Tesla by 11.9% during the 3rd quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock worth $3,192,203,000 after buying an additional 1,294,093 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.