Tesla’s (TSLA) Outperform Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Tesla (NASDAQ:TSLA) in a research note released on Wednesday,Benzinga reports. They currently have a $600.00 target price on the electric vehicle producer’s stock.

TSLA has been the topic of a number of other research reports. Piper Sandler raised their target price on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research report on Monday, September 22nd. Bank of America increased their price objective on shares of Tesla from $341.00 to $471.00 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. UBS Group set a $247.00 price objective on shares of Tesla in a research note on Monday, October 6th. China Renaissance upped their target price on Tesla from $349.00 to $380.00 and gave the stock a “hold” rating in a report on Friday, October 24th. Finally, Guggenheim reiterated a “sell” rating and issued a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have issued a Hold rating and eleven have given a Sell rating to the stock. Based on data from MarketBeat.com, Tesla currently has an average rating of “Hold” and a consensus price target of $391.08.

Tesla Trading Down 3.7%

Shares of NASDAQ TSLA opened at $429.52 on Wednesday. Tesla has a twelve month low of $214.25 and a twelve month high of $488.54. The firm has a market cap of $1.43 trillion, a PE ratio of 286.35, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06. The business has a fifty day simple moving average of $420.97 and a two-hundred day simple moving average of $354.73. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The business had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 EPS. Analysts expect that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares of the company’s stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 202,606 shares of company stock worth $75,588,902 in the last ninety days. 19.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TSLA. Chapman Financial Group LLC acquired a new stake in Tesla during the 2nd quarter worth about $26,000. Arcadia Investment Management Corp MI purchased a new position in shares of Tesla in the first quarter worth about $27,000. Chelsea Counsel Co. lifted its holdings in shares of Tesla by 59.7% during the first 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 period. LGT Financial Advisors LLC purchased a new stake in Tesla in the second quarter valued at approximately $29,000. Finally, Manning & Napier Advisors LLC acquired a new position in Tesla in the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds 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.