Royal Bank of Canada Issues Positive Forecast for Tesla (NASDAQ:TSLA) Stock Price

Tesla (NASDAQ:TSLA) had its target price hoisted by Royal Bank of Canada from $249.00 to $313.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the electric vehicle producer’s stock.

Other analysts have also issued research reports about the stock. Stifel Nicolaus boosted their price target on shares of Tesla from $265.00 to $287.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Phillip Securities lowered shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a report on Wednesday. HSBC reaffirmed a “reduce” rating and issued a $124.00 price target on shares of Tesla in a research note on Friday, October 11th. Wedbush raised their price objective on shares of Tesla from $300.00 to $400.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, New Street Research cut Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price target on the stock. in a report on Wednesday, July 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $230.18.

Tesla Stock Performance

NASDAQ TSLA traded up $9.54 on Friday, hitting $320.72. 114,440,286 shares of the stock were exchanged, compared to its average volume of 96,026,047. The business’s fifty day moving average is $252.30 and its 200 day moving average is $220.46. Tesla has a 52 week low of $138.80 and a 52 week high of $358.64. The company has a market capitalization of $1.03 trillion, a PE ratio of 87.87, a P/E/G ratio of 10.73 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 EPS. Research analysts anticipate that Tesla will post 1.99 EPS for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $346.02, for a total value of $34,602,000.00. Following the completion of the sale, the director now directly owns 5,400 shares in the company, valued at approximately $1,868,508. The trade was a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 188,797 shares of company stock worth $57,616,781 in the last 90 days. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Transcendent Capital Group LLC purchased a new position in shares of Tesla in the third quarter worth about $29,000. Bank & Trust Co purchased a new position in shares of Tesla in the 2nd quarter valued at $25,000. Clean Yield Group increased its stake in Tesla by 60.0% in the third 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 period. Abich Financial Wealth Management LLC lifted its stake in shares of Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares during the period. Finally, Valley Wealth Managers Inc. purchased a new position in Tesla in the second quarter valued at about $26,000. 66.20% of the stock is owned by institutional investors and hedge funds.

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.