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

Tesla (NASDAQ:TSLA)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a research note issued on Wednesday,Benzinga reports. They presently have a $600.00 price objective on the electric vehicle producer’s stock. Wedbush’s price objective would indicate a potential upside of 34.87% from the stock’s previous close.

Several other equities analysts also recently weighed in on TSLA. President Capital increased their target price on Tesla from $373.00 to $529.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Cantor Fitzgerald set a $510.00 target price on shares of Tesla and gave the stock an “overweight” rating in a research report on Thursday, October 23rd. TD Cowen boosted their price objective on shares of Tesla from $374.00 to $509.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. New Street Research boosted their price objective on shares of Tesla from $465.00 to $520.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Finally, Roth Capital set a $505.00 price target on shares of Tesla and gave the company a “buy” rating in a report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have given a Hold rating and eleven have given a Sell rating to the stock. According to data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $391.08.

Tesla Trading Up 0.1%

Shares of NASDAQ TSLA traded up $0.60 during midday trading on Wednesday, reaching $444.86. 14,773,391 shares of the stock were exchanged, compared to its average volume of 100,696,266. The company has a market capitalization of $1.48 trillion, a P/E ratio of 296.56, a P/E/G ratio of 16.84 and a beta of 2.08. Tesla has a 52-week low of $214.25 and a 52-week high of $488.54. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average price of $414.80 and a 200-day moving average price of $351.91.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. The company had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.Tesla’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.72 EPS. Equities research analysts expect that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently made changes to their positions in TSLA. HORAN Wealth LLC bought a new position in shares of Tesla in the 3rd quarter worth about $539,000. Linscomb Wealth Inc. increased its holdings in shares of Tesla by 2.7% in the 3rd quarter. Linscomb Wealth Inc. now owns 4,239 shares of the electric vehicle producer’s stock worth $1,885,000 after acquiring an additional 111 shares during the period. Horizon Investment Services LLC raised its holdings in shares of Tesla by 2.9% during the third quarter. Horizon Investment Services LLC now owns 3,042 shares of the electric vehicle producer’s stock valued at $1,353,000 after buying an additional 86 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of Tesla by 13.3% in the third quarter. Bessemer Group Inc. now owns 43,269 shares of the electric vehicle producer’s stock worth $19,243,000 after purchasing an additional 5,066 shares in the last quarter. Finally, IMG Wealth Management Inc. grew its position in Tesla by 201.0% in the 3rd quarter. IMG Wealth Management Inc. now owns 623 shares of the electric vehicle producer’s stock valued at $277,000 after buying an additional 416 shares in the last quarter. 66.20% of the stock is 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.