Tesla’s (TSLA) Overweight Rating Reaffirmed at Morgan Stanley

Tesla (NASDAQ:TSLA)‘s stock had its “overweight” rating reiterated by equities researchers at Morgan Stanley in a report released on Thursday, Benzinga reports. They currently have a $310.00 target price on the electric vehicle producer’s stock. Morgan Stanley’s target price points to a potential upside of 29.51% from the company’s current price.

Several other brokerages have also issued reports on TSLA. Mizuho raised their target price on Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Piper Sandler lifted their price objective on Tesla from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $295.00 price objective on shares of Tesla in a research report on Tuesday, September 10th. Roth Mkm reissued a “neutral” rating and issued a $85.00 price objective on shares of Tesla in a research report on Wednesday, July 24th. Finally, China Renaissance raised Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a research report on Friday, July 5th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Tesla has a consensus rating of “Hold” and an average price target of $210.54.

Tesla Price Performance

Shares of NASDAQ TSLA traded down $9.66 during mid-day trading on Thursday, hitting $239.36. 56,534,637 shares of the stock traded hands, compared to its average volume of 95,473,320. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla has a twelve month low of $138.80 and a twelve month high of $271.00. The company has a market cap of $764.67 billion, a PE ratio of 61.06, a price-to-earnings-growth ratio of 7.08 and a beta of 2.29. The firm has a 50 day simple moving average of $222.99 and a two-hundred day simple moving average of $200.58.

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

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The disclosure for this sale can be found here. Insiders sold a total of 74,661 shares of company stock worth $16,663,291 over the last quarter. 25.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tesla

Institutional investors have recently added to or reduced their stakes in the company. Bank & Trust Co purchased a new stake in shares of Tesla in the second quarter worth $25,000. Valley Wealth Managers Inc. purchased a new position in Tesla in the second quarter worth about $26,000. Abich Financial Wealth Management LLC boosted its position in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares during the last quarter. M&R Capital Management Inc. boosted its position in Tesla by 263.2% in the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 100 shares during the last quarter. Finally, OLD Point Trust & Financial Services N A bought a new position in shares of Tesla in the fourth quarter worth about $37,000. Institutional investors own 66.20% of the company’s stock.

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.