Cantor Fitzgerald Reiterates “Overweight” Rating for Tesla (NASDAQ:TSLA)

Tesla (NASDAQ:TSLAGet Free Report)‘s stock had its “overweight” rating restated by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They currently have a $230.00 target price on the electric vehicle producer’s stock. Cantor Fitzgerald’s target price would suggest a potential upside of 24.82% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Jefferies Financial Group reduced their price target on shares of Tesla from $185.00 to $165.00 and set a “hold” rating for the company in a research report on Wednesday, April 10th. Wedbush restated an “outperform” rating and issued a $275.00 price objective on shares of Tesla in a research note on Friday, June 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research report on Wednesday, April 24th. Oppenheimer restated a “market perform” rating on shares of Tesla in a research report on Wednesday, April 24th. Finally, Piper Sandler reissued an “overweight” rating and issued a $205.00 price target on shares of Tesla in a report on Monday, April 22nd. Seven research analysts have rated the stock with a sell rating, seventeen have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $182.68.

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Tesla Stock Up 0.7 %

Tesla stock traded up $1.26 during midday trading on Monday, reaching $184.27. The company’s stock had a trading volume of 53,816,857 shares, compared to its average volume of 95,700,234. The business has a 50-day simple moving average of $173.99 and a 200-day simple moving average of $193.08. The company has a market cap of $587.67 billion, a P/E ratio of 46.77, a P/E/G ratio of 4.50 and a beta of 2.32. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $299.29. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

Tesla (NASDAQ:TSLAGet Free Report) last posted its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, hitting the consensus estimate of $0.35. The firm had revenue of $21.30 billion during the quarter, compared to analysts’ expectations of $22.15 billion. Tesla had a return on equity of 13.18% and a net margin of 14.37%. On average, research analysts expect that Tesla will post 1.87 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the sale, the director now directly owns 15,000 shares in the company, valued at approximately $2,772,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. Over the last quarter, insiders sold 104,855 shares of company stock worth $19,285,643. 25.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Tesla by 1.7% during the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after purchasing an additional 3,795,748 shares during the period. Norges Bank acquired a new stake in shares of Tesla during the 4th quarter worth approximately $7,844,757,000. Morgan Stanley lifted its holdings in shares of Tesla by 7.8% in the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock worth $7,546,823,000 after purchasing an additional 2,177,397 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Tesla by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 15,155,878 shares of the electric vehicle producer’s stock worth $3,765,933,000 after buying an additional 458,804 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in Tesla by 12.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after buying an additional 1,125,329 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Company Profile

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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.

Further Reading

Analyst Recommendations for Tesla (NASDAQ:TSLA)

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