Tesla (NASDAQ:TSLA) Receives Outperform Rating from Royal Bank Of Canada

Royal Bank Of Canada reissued their outperform rating on shares of Tesla (NASDAQ:TSLA) in a research note released on Thursday morning, Marketbeat reports. They currently have a $500.00 target price on the electric vehicle producer’s stock.

TSLA has been the topic of several other reports. Evercore ISI upped their price objective on Tesla from $235.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, October 13th. The Goldman Sachs Group upped their price objective on Tesla from $395.00 to $425.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Piper Sandler upped their price objective on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. TD Cowen boosted their target price on Tesla from $374.00 to $509.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Finally, UBS Group set a $247.00 target price on Tesla in a report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, twelve have given a Hold rating and eleven have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $380.97.

Tesla Trading Up 2.3%

Shares of TSLA opened at $448.98 on Thursday. Tesla has a 12-month low of $214.25 and a 12-month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.49 trillion, a price-to-earnings ratio of 299.32, a P/E/G ratio of 15.78 and a beta of 2.08. The stock’s 50-day moving average price is $396.00 and its 200 day moving average price is $338.45.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.72% and a net margin of 5.51%.The firm had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same period in the previous year, the company posted $0.72 earnings per share. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, research analysts predict that Tesla will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction 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 transaction, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 202,606 shares of company stock valued at $75,588,902. 19.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Relyea Zuckerberg Hanson LLC lifted its stake in shares of Tesla by 0.4% in the 3rd quarter. Relyea Zuckerberg Hanson LLC now owns 6,558 shares of the electric vehicle producer’s stock valued at $2,916,000 after purchasing an additional 23 shares during the period. Chesley Taft & Associates LLC lifted its stake in shares of Tesla by 0.8% in the 3rd quarter. Chesley Taft & Associates LLC now owns 3,118 shares of the electric vehicle producer’s stock valued at $1,387,000 after purchasing an additional 25 shares during the period. KRS Capital Management LLC lifted its stake in shares of Tesla by 1.2% in the 3rd quarter. KRS Capital Management LLC now owns 2,035 shares of the electric vehicle producer’s stock valued at $905,000 after purchasing an additional 25 shares during the period. DecisionMap Wealth Management LLC lifted its stake in shares of Tesla by 1.0% in the 3rd quarter. DecisionMap Wealth Management LLC now owns 2,533 shares of the electric vehicle producer’s stock valued at $1,126,000 after purchasing an additional 25 shares during the period. Finally, Lakeridge Wealth Management LLC lifted its stake in shares of Tesla by 1.0% in the 3rd quarter. Lakeridge Wealth Management LLC now owns 2,585 shares of the electric vehicle producer’s stock valued at $1,149,000 after purchasing an additional 25 shares during the period. 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.