Wedbush Raises Tesla (NASDAQ:TSLA) Price Target to $550.00

Tesla (NASDAQ:TSLA) had its price objective lifted by equities researchers at Wedbush from $515.00 to $550.00 in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm presently has an “outperform” rating on the electric vehicle producer’s stock. Wedbush’s price objective points to a potential upside of 33.37% from the stock’s current price.

Several other equities analysts also recently weighed in on the stock. New Street Research upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 target price for the company in a report on Monday, January 6th. The Goldman Sachs Group lifted their price objective on Tesla from $250.00 to $345.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Roth Mkm upgraded Tesla from a “neutral” rating to a “buy” rating and increased their target price for the company from $85.00 to $380.00 in a report on Monday, December 2nd. Royal Bank of Canada boosted their price target on Tesla from $249.00 to $313.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Finally, Wells Fargo & Company lifted their price objective on Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $309.48.

Tesla Trading Down 0.7 %

Shares of TSLA opened at $412.38 on Wednesday. Tesla has a twelve month low of $138.80 and a twelve month high of $488.54. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.32 trillion, a P/E ratio of 112.98, a PEG ratio of 8.55 and a beta of 2.30. The firm’s 50-day moving average is $395.08 and its two-hundred day moving average is $292.13.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (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 firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. Tesla’s revenue was up 7.8% on a year-over-year basis. On average, research analysts predict that Tesla will post 2.01 earnings per share for the current fiscal year.

Insider Buying and Selling 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 sale, the director now owns 5,400 shares of the company’s stock, valued at approximately $1,868,508. This trade represents a 94.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now directly owns 1,563,220 shares in the company, valued at $391,164,540.60. This represents a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 617,886 shares of company stock valued at $212,451,751 in the last ninety days. Insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Tesla by 1.8% during the third quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer’s stock valued at $15,469,792,000 after buying an additional 1,022,589 shares in the last quarter. FMR LLC raised its position in shares of Tesla by 3.5% during the 3rd quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer’s stock valued at $6,473,008,000 after acquiring an additional 828,308 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Tesla by 13.7% during the third 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 worth $6,377,970,000 after purchasing an additional 2,946,763 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Tesla by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer’s stock worth $4,328,884,000 after purchasing an additional 301,968 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of Tesla by 11.9% during the third quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock worth $3,192,203,000 after purchasing an additional 1,294,093 shares during the period. 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.