Tesla’s (TSLA) “Hold” Rating Reaffirmed at Truist Financial

Truist Financial restated their hold rating on shares of Tesla (NASDAQ:TSLA) in a research report released on Wednesday morning, Benzinga reports. The firm currently has a $215.00 price objective on the electric vehicle producer’s stock.

Other research analysts also recently issued research reports about the stock. TD Cowen upped their target price on shares of Tesla from $160.00 to $180.00 and gave the stock a hold rating in a research note on Wednesday, July 3rd. KGI Securities reiterated a neutral rating and set a $236.00 target price on shares of Tesla in a research note on Thursday, July 25th. Morgan Stanley reaffirmed an overweight rating and set a $310.00 price target on shares of Tesla in a report on Monday, July 29th. The Goldman Sachs Group reduced their price objective on Tesla from $248.00 to $230.00 and set a neutral rating for the company in a report on Wednesday, July 24th. Finally, Piper Sandler upped their target price on shares of Tesla from $205.00 to $300.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. 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 company. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $204.21.

Tesla Stock Performance

Shares of TSLA opened at $216.12 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The stock has a market cap of $690.43 billion, a P/E ratio of 55.13, a P/E/G ratio of 5.22 and a beta of 2.31. The business’s 50 day moving average price is $215.14 and its 200-day moving average price is $190.97. Tesla has a 52 week low of $138.80 and a 52 week high of $278.98.

Tesla (NASDAQ:TSLA) last released its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The company had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm posted $0.78 earnings per share. Equities research analysts anticipate that Tesla will post 1.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $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

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Tesla by 1.7% during the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after purchasing an additional 3,795,748 shares in the last quarter. Norges Bank purchased a new stake in Tesla during the fourth quarter valued at $7,844,757,000. Charles Schwab Investment Management Inc. raised its stake in Tesla by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 15,155,878 shares of the electric vehicle producer’s stock valued at $3,765,933,000 after purchasing an additional 458,804 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in 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 valued at $1,731,430,000 after purchasing an additional 1,125,329 shares in the last quarter. Finally, Strategic Financial Concepts LLC raised its stake in 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 valued at $1,167,970,000 after purchasing an additional 5,875,484 shares in 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.