Tesla (NASDAQ:TSLA) Price Target Raised to $310.00

Tesla (NASDAQ:TSLA) had its price target raised by Piper Sandler from $300.00 to $310.00 in a report issued on Wednesday, MarketBeat.com reports. They currently have an overweight rating on the electric vehicle producer’s stock.

Other equities analysts have also recently issued reports about the stock. Roth Mkm restated a neutral rating and set a $85.00 price objective on shares of Tesla in a research report on Wednesday, July 24th. UBS Group lowered Tesla from a neutral rating to a sell rating and boosted their price objective for the stock from $147.00 to $197.00 in a research note on Friday, July 12th. KGI Securities reaffirmed a neutral rating and issued a $236.00 price target on shares of Tesla in a research note on Thursday, July 25th. Citigroup decreased their price objective on Tesla from $274.00 to $258.00 and set a neutral rating on the stock in a report on Wednesday, July 24th. Finally, Needham & Company LLC restated a hold rating on shares of Tesla in a report on Wednesday, July 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $209.90.

Tesla Price Performance

NASDAQ:TSLA opened at $260.46 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The company has a 50 day moving average price of $221.47 and a 200-day moving average price of $197.95. Tesla has a 1-year low of $138.80 and a 1-year high of $271.00. The firm has a market cap of $832.08 billion, a price-to-earnings ratio of 65.21, a price-to-earnings-growth ratio of 6.92 and a beta of 2.29.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Tesla

Several large investors have recently modified their holdings of TSLA. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Tesla by 60.2% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock valued at $108,638,000 after purchasing an additional 206,248 shares during the period. Morse Asset Management Inc increased its stake in Tesla by 138.1% in the 2nd quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock valued at $1,181,000 after buying an additional 3,462 shares during the period. Atalanta Sosnoff Capital LLC increased its stake in Tesla by 3.7% in the 4th quarter. Atalanta Sosnoff Capital LLC now owns 183,297 shares of the electric vehicle producer’s stock valued at $45,546,000 after buying an additional 6,575 shares during the period. Newbridge Financial Services Group Inc. raised its position in Tesla by 7.4% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 28,222 shares of the electric vehicle producer’s stock worth $7,013,000 after buying an additional 1,943 shares during the last quarter. Finally, Entropy Technologies LP acquired a new stake in shares of Tesla in the 1st quarter worth $1,941,000. 66.20% of the stock is owned by institutional investors and hedge funds.

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.