Tesla (NASDAQ:TSLA) Stock Rating Reaffirmed by Wedbush

Tesla (NASDAQ:TSLA)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $300.00 price target on the electric vehicle producer’s stock. Wedbush’s target price points to a potential upside of 11.45% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Citigroup cut their price objective on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Argus restated a “buy” rating and issued a $286.00 price objective on shares of Tesla in a research report on Friday, July 26th. Glj Research reissued a “sell” rating and set a $24.86 target price on shares of Tesla in a research note on Thursday, October 17th. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Thursday. Finally, Canaccord Genuity Group upped their price objective on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Tesla currently has a consensus rating of “Hold” and an average price target of $219.00.

Tesla Price Performance

Shares of TSLA opened at $269.19 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $271.00. The firm has a 50-day simple moving average of $229.47 and a 200-day simple moving average of $206.79. The company has a market capitalization of $858.50 billion, a price-to-earnings ratio of 68.67, a price-to-earnings-growth ratio of 6.24 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.14. The company had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the business posted $0.53 EPS. On average, equities research analysts anticipate that Tesla will post 1.75 earnings per share for the current year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated 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 sale, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 25.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tesla

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Tesla by 1.7% in the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after buying an additional 3,795,748 shares during the period. International Assets Investment Management LLC raised its stake in shares of Tesla by 35,611.2% in the 3rd quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock valued at $2,892,160,000 after acquiring an additional 11,023,436 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Tesla by 12.9% during 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 acquiring an additional 1,125,329 shares in the last quarter. Strategic Financial Concepts LLC boosted its position in Tesla by 21,816.0% during the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after purchasing an additional 5,875,484 shares during the period. Finally, ARK Investment Management LLC increased its holdings in Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after purchasing an additional 135,966 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

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.