Tesla (NASDAQ:TSLA) PT Raised to $310.00 at Piper Sandler

Tesla (NASDAQ:TSLA) had its target price raised by equities research analysts at Piper Sandler from $300.00 to $310.00 in a report released on Wednesday, MarketBeat.com reports. The brokerage currently has an “overweight” rating on the electric vehicle producer’s stock. Piper Sandler’s price objective suggests a potential upside of 21.94% from the stock’s current price.

Several other brokerages also recently commented on TSLA. Truist Financial restated a “hold” rating and set a $215.00 target price on shares of Tesla in a report on Wednesday, August 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Wednesday, July 24th. Argus reissued a “buy” rating and issued a $286.00 price target on shares of Tesla in a research note on Friday, July 26th. China Renaissance raised Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a research report on Friday, July 5th. Finally, Glj Research reiterated a “sell” rating and set a $24.86 price objective on shares of Tesla in a report on Thursday, September 5th. Nine research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $209.90.

Tesla Price Performance

Shares of TSLA stock opened at $254.22 on Wednesday. Tesla has a 12-month low of $138.80 and a 12-month high of $271.00. The firm has a market capitalization of $812.14 billion, a price-to-earnings ratio of 64.85, a price-to-earnings-growth ratio of 6.92 and a beta of 2.29. 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 firm has a fifty day moving average of $221.37 and a 200-day moving average of $197.56.

Tesla (NASDAQ:TSLA) last posted its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. On average, equities research analysts forecast that Tesla will post 1.75 earnings per share for the current year.

Insider Activity

In other news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The disclosure for this sale can be found here. Insiders sold 74,661 shares of company stock valued at $16,663,291 in the last ninety days. Insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of large investors have recently bought and sold shares of the business. Centaurus Financial Inc. increased its stake in Tesla by 41.0% in the second quarter. Centaurus Financial Inc. now owns 23,470 shares of the electric vehicle producer’s stock worth $4,644,000 after purchasing an additional 6,823 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Tesla by 236.8% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,104,010 shares of the electric vehicle producer’s stock worth $416,341,000 after purchasing an additional 1,479,378 shares during the last quarter. FIDELIS iM LLC purchased a new position in Tesla in the 2nd quarter worth about $2,089,000. Newbridge Financial Services Group Inc. lifted its holdings in Tesla by 19.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 29,156 shares of the electric vehicle producer’s stock valued at $5,769,000 after buying an additional 4,690 shares in the last quarter. Finally, Brightwater Advisory LLC purchased a new stake in Tesla in the 2nd quarter valued at about $332,000. Hedge funds and other 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.