Piper Sandler Reaffirms “Overweight” Rating for Tesla (NASDAQ:TSLA)

Piper Sandler reaffirmed their overweight rating on shares of Tesla (NASDAQ:TSLA) in a research note issued to investors on Monday morning, Benzinga reports. Piper Sandler currently has a $300.00 price target on the electric vehicle producer’s stock.

TSLA has been the subject of a number of other reports. KGI Securities restated a neutral rating and set a $236.00 price objective on shares of Tesla in a report on Thursday, July 25th. Robert W. Baird restated an outperform rating and issued a $280.00 price objective on shares of Tesla in a report on Tuesday, July 16th. Oppenheimer reaffirmed a market perform rating on shares of Tesla in a research note on Tuesday, July 9th. Barclays dropped their target price on shares of Tesla from $225.00 to $220.00 and set an equal weight rating for the company in a research report on Thursday, July 25th. Finally, TD Cowen lifted their price target on shares of Tesla from $160.00 to $180.00 and gave the company a hold rating in a research report on Wednesday, July 3rd. Nine equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $204.21.

Tesla Stock Up 1.0 %

TSLA opened at $223.27 on Monday. The business has a 50 day simple moving average of $218.05 and a 200-day simple moving average of $191.69. Tesla has a 12 month low of $138.80 and a 12 month high of $278.98. The stock has a market capitalization of $713.27 billion, a P/E ratio of 56.96, a P/E/G ratio of 5.60 and a beta of 2.31. 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 (NASDAQ:TSLA) last posted its 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 during the quarter, compared to analyst estimates of $24.38 billion. During the same period last year, the company posted $0.78 EPS. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities analysts anticipate that Tesla will post 1.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares in the company, valued at approximately $11,350,652.55. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The disclosure for this sale can be found here. Company insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several institutional investors have recently bought and sold shares of the business. Integris Wealth Management LLC lifted its holdings in Tesla by 1.0% during the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after buying an additional 42 shares in the last quarter. Echo Wealth Management LLC lifted its stake in shares of Tesla by 0.7% during the second quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock valued at $1,281,000 after acquiring an additional 44 shares during the period. WASHINGTON TRUST Co boosted its holdings in Tesla by 3.2% in the second quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after acquiring an additional 45 shares during the last quarter. Bellevue Asset Management LLC increased its position in Tesla by 1.6% in the second quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock worth $568,000 after purchasing an additional 45 shares during the period. Finally, Cypress Capital Group raised its holdings in Tesla by 1.7% during the 2nd quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock worth $555,000 after purchasing an additional 47 shares during the last quarter. Institutional investors 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.