Tesla (NASDAQ:TSLA) Given New $310.00 Price Target at Piper Sandler

Tesla (NASDAQ:TSLA) had its price objective upped by Piper Sandler from $300.00 to $310.00 in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the electric vehicle producer’s stock.

A number of other research firms have also recently weighed in on TSLA. Roth Mkm reaffirmed a neutral rating and set a $85.00 price objective on shares of Tesla in a research report on Wednesday, July 24th. TD Cowen increased their price objective on shares of Tesla from $160.00 to $180.00 and gave the stock a hold rating in a research report on Wednesday, July 3rd. KGI Securities reaffirmed a neutral rating and set a $236.00 price objective on shares of Tesla in a research report on Thursday, July 25th. Oppenheimer reaffirmed a market perform rating on shares of Tesla in a research report on Tuesday, July 9th. Finally, Needham & Company LLC reiterated a hold rating on shares of Tesla in a report on Wednesday, July 24th. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $209.90.

Tesla Stock Performance

Tesla stock opened at $260.46 on Wednesday. The firm has a 50 day simple moving average of $221.89 and a 200-day simple moving average of $198.53. Tesla has a 1-year low of $138.80 and a 1-year high of $271.00. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The stock has a market cap of $832.08 billion, a price-to-earnings ratio of 66.44, a price-to-earnings-growth ratio of 6.92 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted 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). The firm had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the company earned $0.78 EPS. On average, analysts expect that Tesla will post 1.75 EPS for the current year.

Insider Buying and Selling

In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were 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 $18,696,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction dated 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 owns 105,032 shares of the company’s stock, valued at $26,258,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated 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 directly owns 85,000 shares in the company, valued at approximately $18,696,600. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,661 shares of company stock valued at $16,663,291. Corporate insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSLA. Bank & Trust Co acquired a new position in Tesla during the second quarter worth about $25,000. Valley Wealth Managers Inc. acquired a new position in Tesla during the second quarter worth about $26,000. Abich Financial Wealth Management LLC raised its position in Tesla by 168.8% during the second 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 last quarter. OLD Point Trust & Financial Services N A acquired a new position in Tesla during the fourth quarter worth about $37,000. Finally, Kessler Investment Group LLC raised its position in Tesla by 35.9% during the second quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after acquiring an additional 51 shares during the last quarter. Institutional investors and hedge funds 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.