Wedbush Reaffirms “Outperform” Rating for Tesla (NASDAQ:TSLA)

Tesla (NASDAQ:TSLA)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $600.00 price objective on the electric vehicle producer’s stock. Wedbush’s price target would suggest a potential upside of 34.56% from the stock’s current price.

A number of other brokerages have also weighed in on TSLA. Truist Financial upped their target price on shares of Tesla from $280.00 to $406.00 and gave the stock a “hold” rating in a research note on Thursday, October 23rd. Bank of America increased their price objective on Tesla from $341.00 to $471.00 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. Piper Sandler lifted their target price on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research report on Monday, September 22nd. China Renaissance upped their price target on Tesla from $349.00 to $380.00 and gave the stock a “hold” rating in a research report on Friday, October 24th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and eleven have given a Sell rating to the stock. According to MarketBeat, Tesla presently has an average rating of “Hold” and an average target price of $391.08.

Tesla Trading Down 3.5%

NASDAQ TSLA opened at $445.91 on Wednesday. Tesla has a one year low of $214.25 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. The firm has a market cap of $1.48 trillion, a P/E ratio of 297.27, a P/E/G ratio of 16.84 and a beta of 2.06. The stock’s 50-day moving average is $419.05 and its 200-day moving average is $353.32.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The business had revenue of $28.10 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.Tesla’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.72 EPS. Sell-side analysts anticipate that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other Tesla news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 202,606 shares of company stock worth $75,588,902. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several hedge funds and other institutional investors have recently made changes to their positions in TSLA. Chapman Financial Group LLC bought a new stake in shares of Tesla during the 2nd quarter worth $26,000. Arcadia Investment Management Corp MI acquired a new position in Tesla during the first quarter worth about $27,000. Chelsea Counsel Co. lifted its holdings in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 40 shares during the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Tesla during the 2nd quarter valued at approximately $29,000. Finally, Manning & Napier Advisors LLC acquired a new position in Tesla during the 3rd quarter worth approximately $29,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.