Tesla’s (TSLA) “Outperform” Rating Reaffirmed at Wedbush

Tesla (NASDAQ:TSLA)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a research report issued on Monday,Benzinga reports. They currently have a $400.00 price target on the electric vehicle producer’s stock. Wedbush’s price target suggests a potential upside of 15.85% from the company’s previous close.

Other equities analysts have also issued reports about the company. Barclays boosted their price target on Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Royal Bank of Canada raised their target price on Tesla from $249.00 to $313.00 and gave the stock an “outperform” rating in a research report on Friday. Stifel Nicolaus boosted their price target on shares of Tesla from $265.00 to $287.00 and gave the company a “buy” rating in a report on Friday, October 25th. Morgan Stanley reiterated an “overweight” rating and set a $310.00 target price on shares of Tesla in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group raised their price target on shares of Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Tesla presently has an average rating of “Hold” and an average price target of $230.18.

Tesla Stock Performance

Shares of NASDAQ:TSLA traded up $24.56 during midday trading on Monday, hitting $345.28. The company’s stock had a trading volume of 54,372,219 shares, compared to its average volume of 95,840,922. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $358.64. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The stock has a market capitalization of $1.11 trillion, a price-to-earnings ratio of 94.60, a PEG ratio of 10.42 and a beta of 2.29. The stock’s 50 day simple moving average is $252.30 and its 200 day simple moving average is $221.01.

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

Insider Activity at Tesla

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the completion of the transaction, the director now directly owns 5,400 shares of the company’s stock, valued at $1,868,508. This trade represents a 94.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 7.08 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 188,797 shares of company stock worth $57,616,781. 20.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tesla

Several hedge funds have recently modified their holdings of TSLA. International Assets Investment Management LLC boosted its holdings 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 buying an additional 11,023,436 shares during the last quarter. Clean Energy Transition LLP raised its stake in Tesla by 347.7% in the second quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock valued at $953,505,000 after purchasing an additional 6,764,300 shares in the last quarter. Strategic Financial Concepts LLC grew its stake in Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after buying an additional 5,875,484 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Tesla by 13.7% in the 3rd 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 valued at $6,377,970,000 after buying an additional 2,946,763 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Tesla by 52.0% during the 3rd quarter. Wellington Management Group LLP now owns 7,344,526 shares of the electric vehicle producer’s stock worth $1,921,548,000 after acquiring an additional 2,511,488 shares during the period. 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.