Truist Financial Issues Positive Forecast for Tesla (NASDAQ:TSLA) Stock Price

Tesla (NASDAQ:TSLA) had its target price boosted by Truist Financial from $280.00 to $406.00 in a research note issued on Thursday,Briefing.com Automated Import reports. The brokerage currently has a “hold” rating on the electric vehicle producer’s stock. Truist Financial’s price objective indicates a potential downside of 7.51% from the company’s current price.

A number of other equities research analysts have also recently issued reports on TSLA. UBS Group set a $247.00 target price on Tesla in a research report on Monday, October 6th. CICC Research boosted their price objective on shares of Tesla from $360.00 to $450.00 and gave the stock an “outperform” rating in a research note on Thursday, September 18th. Daiwa Capital Markets reiterated a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. Piper Sandler lifted their target price on shares of Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a report on Monday, September 22nd. Finally, HSBC raised their price target on Tesla from $120.00 to $127.00 in a research report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have given a Sell rating to the stock. According to data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $366.95.

Tesla Stock Performance

TSLA stock opened at $438.97 on Thursday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla has a 12 month low of $212.11 and a 12 month high of $488.54. The firm has a 50 day moving average of $393.73 and a two-hundred day moving average of $336.97. The company has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 253.74, a P/E/G ratio of 15.91 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. The company had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business’s revenue was up 11.6% compared to the same quarter last year. During the same period last year, the company earned $0.72 earnings per share. As a group, equities analysts anticipate that Tesla will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. This trade represents a 29.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock valued at $75,588,902 over the last quarter. Corporate insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several institutional investors have recently bought and sold shares of the business. Chapman Financial Group LLC acquired a new position in shares of Tesla during the second quarter worth approximately $26,000. Arcadia Investment Management Corp MI bought a new position in Tesla in the 1st quarter worth approximately $27,000. Chelsea Counsel Co. raised its position in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Centennial Bank AR raised its position in Tesla by 833.3% in the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock worth $29,000 after purchasing an additional 100 shares during the last quarter. Finally, LGT Financial Advisors LLC acquired a new stake in shares of Tesla in the 2nd quarter valued at $29,000. 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.