Tesla (NASDAQ:TSLA) Given New $400.00 Price Target at Wedbush

Tesla (NASDAQ:TSLA) had its price objective raised by Wedbush from $300.00 to $400.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an outperform rating on the electric vehicle producer’s stock.

A number of other equities research analysts have also recently weighed in on the stock. Piper Sandler increased their price target on shares of Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a report on Friday, October 25th. KGI Securities upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target on the stock in a report on Thursday, October 24th. Argus reiterated a “buy” rating and set a $286.00 price target on shares of Tesla in a report on Friday, July 26th. The Goldman Sachs Group increased their price target on shares of Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Tesla in a report on Tuesday, October 8th. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $225.06.

Tesla Price Performance

Shares of TSLA opened at $350.00 on Monday. The stock has a market cap of $1.12 trillion, a PE ratio of 95.89, a price-to-earnings-growth ratio of 10.59 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $358.64. The firm’s 50-day simple moving average is $241.18 and its two-hundred day simple moving average is $215.77.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The business had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. Analysts anticipate that Tesla will post 1.96 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction 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 sale, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the firm’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 transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,797 shares of company stock worth $19,211,821 in the last three months. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of institutional investors and hedge funds have recently made changes to their positions in TSLA. Tyler Stone Wealth Management grew its holdings in Tesla by 109.6% during the 3rd quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer’s stock valued at $2,466,000 after purchasing an additional 4,929 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Tesla by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock valued at $955,052,000 after buying an additional 194,796 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Tesla by 60.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock valued at $108,638,000 after buying an additional 206,248 shares during the last quarter. Scott & Selber Inc. raised its holdings in shares of Tesla by 80.3% in the third quarter. Scott & Selber Inc. now owns 12,659 shares of the electric vehicle producer’s stock worth $3,312,000 after buying an additional 5,639 shares during the period. Finally, AIA Group Ltd lifted its stake in shares of Tesla by 10.1% during the 3rd quarter. AIA Group Ltd now owns 83,374 shares of the electric vehicle producer’s stock worth $21,813,000 after acquiring an additional 7,655 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.