Wedbush Reaffirms “Outperform” Rating for Tesla (NASDAQ:TSLA)

Wedbush restated their outperform rating on shares of Tesla (NASDAQ:TSLA) in a research note published on Monday,Benzinga reports. They currently have a $400.00 price objective on the electric vehicle producer’s stock.

TSLA has been the subject of several other research reports. New Street Research downgraded shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price target for the company. in a research report on Wednesday, July 24th. Jefferies Financial Group increased their price objective on Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $295.00 target price on shares of Tesla in a research note on Tuesday, September 10th. Piper Sandler upped their price objective on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Canaccord Genuity Group boosted their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Tesla presently has a consensus rating of “Hold” and an average price target of $230.18.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $342.03 on Monday. 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 company has a 50 day simple moving average of $259.42 and a two-hundred day simple moving average of $224.12. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $358.64. The company has a market capitalization of $1.10 trillion, a price-to-earnings ratio of 93.71, a P/E/G ratio of 10.42 and a beta of 2.29.

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

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 301,187 shares of company stock valued at $92,956,692 over the last ninety days. 20.70% of the stock is owned by company insiders.

Institutional Trading of Tesla

A number of hedge funds and other institutional investors have recently made changes to their positions in TSLA. Bank & Trust Co purchased a new stake in Tesla during the second quarter worth $25,000. Valley Wealth Managers Inc. purchased a new position in shares of Tesla in the second quarter worth about $26,000. Abich Financial Wealth Management LLC grew its position in shares of Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of Tesla in the 3rd quarter worth $29,000. Finally, Clean Yield Group boosted its holdings in Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds 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.