Wedbush Reiterates "Outperform" Rating for Tesla (NASDAQ:TSLA)

Tesla (NASDAQ:TSLA - Get Free Report)'s stock had its "outperform" rating restated by research analysts at Wedbush in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $300.00 target price on the electric vehicle producer's stock. Wedbush's price objective would indicate a potential upside of 20.69% from the stock's current price.

Several other research analysts have also recently issued reports on TSLA. Glj Research reaffirmed a "sell" rating and issued a $24.86 price target on shares of Tesla in a report on Thursday, October 17th. HSBC reissued a "reduce" rating and set a $124.00 target price on shares of Tesla in a research note on Friday, October 11th. Oppenheimer reaffirmed a "market perform" rating on shares of Tesla in a research note on Tuesday, October 8th. Royal Bank of Canada lifted their price target on shares of Tesla from $236.00 to $249.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, Piper Sandler increased their price objective on Tesla from $300.00 to $310.00 and gave the company an "overweight" rating in a research report on Wednesday, September 25th. Eight 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 stock. According to data from MarketBeat, Tesla has an average rating of "Hold" and an average price target of $216.87.

Tesla Stock Performance

Shares of NASDAQ TSLA traded up $34.93 during mid-day trading on Thursday, hitting $248.58. The company had a trading volume of 37,077,441 shares, compared to its average volume of 93,546,695. The stock has a market cap of $794.12 billion, a price-to-earnings ratio of 69.83, a PEG ratio of 6.24 and a beta of 2.29. The firm's 50 day simple moving average is $228.54 and its two-hundred day simple moving average is $206.41. 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 12 month low of $138.80 and a 12 month high of $271.00.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The business had revenue of $25.50 billion during 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 firm's revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 earnings per share. As a group, equities research analysts forecast that Tesla will post 1.75 earnings per share for the current year.

Insider Transactions at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the company'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 owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Vaibhav Taneja sold 8,000 shares of the business'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 value 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 approximately $26,258,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.70% of the stock is currently owned by insiders.

Institutional Trading of Tesla

A number of institutional investors and hedge funds have recently modified their holdings of TSLA. Bank & Trust Co acquired a new position in Tesla in the second quarter valued at about $25,000. Clean Yield Group boosted its holdings in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer's stock valued at $33,000 after acquiring an additional 48 shares during the period. Abich Financial Wealth Management LLC increased its position in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer's stock valued at $26,000 after acquiring an additional 81 shares during the period. Valley Wealth Managers Inc. purchased a new stake in shares of Tesla in the second quarter valued at about $26,000. Finally, M&R Capital Management Inc. lifted its holdings 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 valued at $36,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

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.

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