Wedbush Issues Positive Forecast for Tesla (NASDAQ:TSLA) Stock Price

Tesla (NASDAQ:TSLA) had its target price lifted by Wedbush from $300.00 to $400.00 in a research note published on Monday morning,Benzinga reports. Wedbush currently has an outperform rating on the electric vehicle producer’s stock.

A number of other brokerages have also recently commented on TSLA. Guggenheim raised their target price on Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a report on Thursday, October 24th. Phillip Securities upgraded shares of Tesla to a “moderate sell” rating in a report on Friday, October 25th. KGI Securities upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 target price on the stock in a report on Thursday, October 24th. Robert W. Baird restated an “outperform” rating and issued a $280.00 price target on shares of Tesla in a research note on Tuesday, August 20th. Finally, Stifel Nicolaus upped their price objective on Tesla from $265.00 to $287.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Eight investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $228.24.

Tesla Price Performance

Shares of TSLA opened at $311.18 on Monday. The firm has a 50-day simple moving average of $248.48 and a two-hundred day simple moving average of $218.94. The stock has a market cap of $998.91 billion, a PE ratio of 85.25, a P/E/G ratio of 10.67 and a beta of 2.29. Tesla has a 1-year low of $138.80 and a 1-year high of $358.64. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 EPS. As a group, analysts forecast that Tesla will post 1.99 EPS for the current year.

Insiders Place Their Bets

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the completion of the sale, the director now directly owns 5,400 shares of the company’s stock, valued at $1,868,508. The trade was a 94.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, November 11th. The shares were sold at an average price of $350.00, for a total value of $1,400,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $36,761,200. The trade was a 3.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 188,797 shares of company stock valued at $57,616,781. Insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Institutional investors and hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC grew its stake in Tesla by 35,611.2% during the third quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after buying an additional 11,023,436 shares during the period. Clean Energy Transition LLP boosted its position in Tesla by 347.7% during the 2nd quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock worth $953,505,000 after purchasing an additional 6,764,300 shares during the period. Strategic Financial Concepts LLC increased its holdings in Tesla by 21,816.0% in the 2nd 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. Vanguard Group Inc. raised its position in Tesla by 1.7% in 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 during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Tesla by 13.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after purchasing an additional 2,946,763 shares in the last quarter. Institutional investors and hedge funds 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.