Royal Bank of Canada Raises Tesla (NASDAQ:TSLA) Price Target to $249.00

Tesla (NASDAQ:TSLA) had its target price raised by stock analysts at Royal Bank of Canada from $236.00 to $249.00 in a research report issued on Thursday, Briefing.com reports. The brokerage currently has an “outperform” rating on the electric vehicle producer’s stock. Royal Bank of Canada’s target price suggests a potential upside of 16.55% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. KGI Securities reiterated a “neutral” rating and issued a $236.00 price target on shares of Tesla in a research note on Thursday, July 25th. Roth Mkm reissued a “neutral” rating and set a $85.00 price objective on shares of Tesla in a report on Friday, October 11th. Robert W. Baird reissued an “outperform” rating and set a $280.00 price objective on shares of Tesla in a report on Tuesday, August 20th. Piper Sandler increased their price objective on shares of Tesla from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Wednesday, September 25th. Finally, China Renaissance raised shares of Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a report on Friday, July 5th. Eight equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $214.18.

Tesla Price Performance

NASDAQ TSLA opened at $213.65 on Thursday. The business’s fifty day moving average price is $228.54 and its 200-day moving average price is $206.41. The stock has a market capitalization of $682.53 billion, a price-to-earnings ratio of 60.01, a PEG ratio of 6.24 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla has a 1-year low of $138.80 and a 1-year high of $271.00.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same period in the previous year, the company earned $0.78 earnings per share. Tesla’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts predict that Tesla will post 1.75 earnings per share for the current year.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Tesla by 1.7% during the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after buying an additional 3,795,748 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Tesla by 35,611.2% during the third quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after buying an additional 11,023,436 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Tesla by 12.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after buying an additional 1,125,329 shares during the period. Strategic Financial Concepts LLC lifted its stake in shares of Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after buying an additional 5,875,484 shares during the period. Finally, ARK Investment Management LLC lifted its stake in shares of Tesla by 2.6% during the second quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock worth $1,051,613,000 after buying an additional 135,966 shares during the period. 66.20% of the stock is currently 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.