Tesla (NASDAQ:TSLA) Receives Outperform Rating from Wedbush

Tesla (NASDAQ:TSLA)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a research note issued on Monday,Benzinga reports. They currently have a $400.00 price target on the electric vehicle producer’s stock. Wedbush’s price target would indicate a potential upside of 15.85% from the stock’s previous close.

TSLA has been the subject of several other research reports. Robert W. Baird reissued an “outperform” rating and issued a $280.00 target price on shares of Tesla in a research note on Tuesday, August 20th. The Goldman Sachs Group lifted their target price on shares of Tesla from $230.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Truist Financial increased their price target on Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Roth Mkm reiterated a “neutral” rating and issued a $85.00 target price on shares of Tesla in a research note on Friday, October 11th. Finally, Canaccord Genuity Group boosted their target price on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $230.18.

Tesla Price Performance

Shares of TSLA stock traded up $24.56 during mid-day trading on Monday, reaching $345.28. The stock had a trading volume of 54,372,219 shares, compared to its average volume of 95,840,922. Tesla has a 12-month low of $138.80 and a 12-month high of $358.64. The company has a market cap of $1.11 trillion, a P/E ratio of 94.60, a price-to-earnings-growth ratio of 10.42 and a beta of 2.29. 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 business has a 50-day simple moving average of $252.30 and a 200 day simple moving average of $221.01.

Tesla (NASDAQ:TSLA) last announced its 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. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter in the prior year, the firm earned $0.53 EPS. Tesla’s quarterly revenue was up 7.8% on a year-over-year basis. On average, sell-side analysts anticipate that Tesla will post 1.99 earnings per share for the current year.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 7.08 % decrease in their position. The sale 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 on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 188,797 shares of company stock valued at $57,616,781 over the last three months. Insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank & Trust Co acquired a new stake in Tesla during the second quarter valued at $25,000. Valley Wealth Managers Inc. bought a new stake in Tesla in the second quarter worth approximately $26,000. 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 valued at $26,000 after purchasing an additional 81 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in Tesla during the third quarter worth $29,000. Finally, Clean Yield Group lifted its position in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

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.