Tesla (NASDAQ:TSLA) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Tesla (NASDAQ:TSLA) in a research note published on Wednesday morning,Benzinga reports. The firm currently has a $600.00 price target on the electric vehicle producer’s stock.

A number of other equities analysts have also commented on the stock. Royal Bank Of Canada restated an “outperform” rating and issued a $500.00 price target on shares of Tesla in a research report on Thursday, October 23rd. Deutsche Bank Aktiengesellschaft raised their price target on Tesla from $440.00 to $470.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus set a $483.00 price target on Tesla and gave the company a “buy” rating in a report on Wednesday, October 8th. Truist Financial upped their price target on shares of Tesla from $280.00 to $406.00 and gave the stock a “hold” rating in a research report on Thursday, October 23rd. Finally, Glj Research reiterated a “sell” rating on shares of Tesla in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have given a Hold rating and eleven have given a Sell rating to the company. Based on data from MarketBeat, Tesla has an average rating of “Hold” and an average target price of $391.08.

Tesla Trading Up 4.0%

Shares of TSLA stock opened at $462.07 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The firm has a fifty day moving average of $417.05 and a 200-day moving average of $352.68. The stock has a market cap of $1.54 trillion, a price-to-earnings ratio of 308.05, a P/E/G ratio of 16.84 and a beta of 2.08. Tesla has a 52-week low of $214.25 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The company 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%.During the same period in the previous year, the business earned $0.72 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities research analysts forecast that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other news, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares in the company, valued at $269,260,263.08. The trade was a 8.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred 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 sale, 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 SEC filing for this sale provides additional information. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 in the last quarter. 19.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Tesla by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer’s stock worth $79,856,764,000 after buying an additional 4,502,976 shares during the period. Geode Capital Management LLC boosted its stake in Tesla by 2.0% in the 2nd quarter. Geode Capital Management LLC now owns 64,767,993 shares of the electric vehicle producer’s stock worth $20,480,477,000 after purchasing an additional 1,269,304 shares during the period. Norges Bank acquired a new position in Tesla in the 2nd quarter worth $11,839,824,000. Goldman Sachs Group Inc. raised its position in Tesla by 322.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock valued at $6,891,201,000 after buying an additional 20,291,139 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Tesla by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 20,225,098 shares of the electric vehicle producer’s stock valued at $6,424,705,000 after buying an additional 1,134,678 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

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.