Truist Financial Boosts Tesla (NASDAQ:TSLA) Price Target to $373.00

Tesla (NASDAQ:TSLA) had its price objective hoisted by Truist Financial from $351.00 to $373.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the electric vehicle producer’s stock. Truist Financial’s price target indicates a potential downside of 5.68% from the stock’s current price.

Several other research firms also recently issued reports on TSLA. Piper Sandler upped their price objective on Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Mizuho upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $230.00 to $515.00 in a research report on Tuesday, December 17th. UBS Group increased their price objective on shares of Tesla from $197.00 to $226.00 and gave the company a “sell” rating in a report on Monday, November 25th. Phillip Securities lowered shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group increased their price target on Tesla from $250.00 to $345.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Eight investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $314.56.

Tesla Price Performance

NASDAQ TSLA traded up $6.38 during trading hours on Thursday, reaching $395.48. 35,476,352 shares of the company’s stock were exchanged, compared to its average volume of 71,544,047. The stock has a market cap of $1.27 trillion, a PE ratio of 108.62, a price-to-earnings-growth ratio of 8.42 and a beta of 2.30. Tesla has a one year low of $138.80 and a one year high of $488.54. The firm has a fifty day moving average of $401.98 and a 200-day moving average of $297.28. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.24% and a net margin of 13.07%. On average, equities research analysts predict that Tesla will post 2.01 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In related news, Director Kimbal Musk sold 60,500 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $250.23, for a total value of $15,138,915.00. Following the completion of the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This trade represents a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $251.76, for a total value of $1,007,040.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,442,856.32. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 617,886 shares of company stock valued at $212,451,751 in the last ninety days. 20.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tesla

Several hedge funds have recently added to or reduced their stakes in the business. W.H. Cornerstone Investments Inc. lifted its holdings in Tesla by 39.1% during the 4th quarter. W.H. Cornerstone Investments Inc. now owns 1,344 shares of the electric vehicle producer’s stock valued at $543,000 after purchasing an additional 378 shares during the last quarter. DT Investment Partners LLC lifted its holdings in shares of Tesla by 2.0% during the fourth quarter. DT Investment Partners LLC now owns 1,535 shares of the electric vehicle producer’s stock worth $620,000 after buying an additional 30 shares in the last quarter. First Merchants Corp lifted its holdings in shares of Tesla by 7.5% during the fourth quarter. First Merchants Corp now owns 2,261 shares of the electric vehicle producer’s stock worth $913,000 after buying an additional 157 shares in the last quarter. Littlejohn Financial Services Inc. acquired a new stake in shares of Tesla during the fourth quarter worth $248,000. Finally, Palacios Wealth Management LLC acquired a new stake in shares of Tesla during the fourth quarter worth $1,935,000. 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.