Citigroup Inc. Raises Tesla Inc. (TSLA) Price Target to $371.00
Tesla Inc. (NASDAQ:TSLA) had its price objective raised by Citigroup Inc. from $357.00 to $371.00 in a research note issued to investors on Thursday morning, Marketbeat Ratings reports. They currently have a neutral rating on the electric vehicle producer’s stock.
Other research analysts have also issued reports about the company. Goldman Sachs Group, Inc. (The) upped their target price on Tesla from $180.00 to $190.00 in a research report on Friday, August 4th. Zacks Investment Research raised Tesla from a hold rating to a buy rating and set a $345.00 target price on the stock in a research report on Tuesday, April 25th. Dougherty & Co reaffirmed a buy rating and issued a $375.00 target price (down from $500.00) on shares of Tesla in a research report on Wednesday, April 26th. Guggenheim reaffirmed a buy rating and issued a $320.00 target price on shares of Tesla in a research report on Wednesday, April 19th. Finally, Berenberg Bank raised Tesla from a hold rating to a buy rating and increased their price objective for the company from $193.00 to $464.00 in a report on Tuesday, June 13th. Eight equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fifteen have given a buy rating to the company’s stock. Tesla has an average rating of Hold and an average target price of $310.84.
Shares of Tesla (TSLA) opened at 347.46 on Thursday. The stock’s market cap is $57.99 billion. Tesla has a one year low of $178.19 and a one year high of $386.99. The stock’s 50 day moving average price is $339.22 and its 200-day moving average price is $310.81.
Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($2.00) by $0.67. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same period in the prior year, the firm posted ($1.06) EPS. The business’s revenue was up 119.6% compared to the same quarter last year. On average, equities analysts predict that Tesla will post ($6.18) earnings per share for the current fiscal year.
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In other Tesla news, Director Kimbal Musk sold 4,690 shares of Tesla stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $367.68, for a total transaction of $1,724,419.20. Following the transaction, the director now directly owns 166,164 shares in the company, valued at $61,095,179.52. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 23.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Lincoln National Corp acquired a new position in Tesla during the first quarter valued at $226,000. Great West Life Assurance Co. Can raised its position in Tesla by 2.7% in the second quarter. Great West Life Assurance Co. Can now owns 69,562 shares of the electric vehicle producer’s stock valued at $25,129,000 after buying an additional 1,802 shares in the last quarter. Perigon Wealth Management LLC raised its position in Tesla by 0.9% in the first quarter. Perigon Wealth Management LLC now owns 8,025 shares of the electric vehicle producer’s stock valued at $2,233,000 after buying an additional 74 shares in the last quarter. Vanguard Group Inc. raised its position in Tesla by 5.0% in the first quarter. Vanguard Group Inc. now owns 5,934,799 shares of the electric vehicle producer’s stock valued at $1,651,654,000 after buying an additional 280,941 shares in the last quarter. Finally, Gemmer Asset Management LLC raised its position in Tesla by 8.3% in the first quarter. Gemmer Asset Management LLC now owns 759 shares of the electric vehicle producer’s stock valued at $211,000 after buying an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 62.92% of the company’s stock.
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.
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