Wedbush Forecasts Strong Price Appreciation for Tesla (NASDAQ:TSLA) Stock

Tesla (NASDAQ:TSLA) had its price objective raised by Wedbush from $300.00 to $400.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the electric vehicle producer’s stock. Wedbush’s price objective indicates a potential upside of 21.77% from the stock’s current price.

TSLA has been the subject of a number of other research reports. Canaccord Genuity Group lifted their target price on shares of Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Citigroup cut their price objective on Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Roth Mkm reiterated a “neutral” rating and set a $85.00 target price on shares of Tesla in a report on Friday, October 11th. Canaccord Genuity Group boosted their price target on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Royal Bank of Canada increased their price objective on Tesla from $236.00 to $249.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Eight research analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Tesla presently has an average rating of “Hold” and an average price target of $225.06.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $328.49 on Monday. The firm has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 94.16, a price-to-earnings-growth ratio of 10.59 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The business’s 50 day simple moving average is $243.90 and its 200-day simple moving average is $217.03. Tesla has a 12 month low of $138.80 and a 12 month high of $358.64.

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 company had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. As a group, equities analysts forecast that Tesla will post 1.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,797 shares of company stock valued at $19,211,821 over the last 90 days. 20.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tesla

Institutional investors and hedge funds have recently bought and sold shares of the business. Pekin Hardy Strauss Inc. bought a new position in shares of Tesla during the third quarter valued at approximately $207,000. Summit Trail Advisors LLC increased its stake in shares of Tesla by 29.6% in the third quarter. Summit Trail Advisors LLC now owns 26,746 shares of the electric vehicle producer’s stock valued at $6,998,000 after purchasing an additional 6,112 shares during the period. Cahill Financial Advisors Inc. raised its holdings in shares of Tesla by 7.9% during the third quarter. Cahill Financial Advisors Inc. now owns 1,602 shares of the electric vehicle producer’s stock valued at $419,000 after buying an additional 117 shares during the last quarter. SevenBridge Financial Group LLC acquired a new position in shares of Tesla during the third quarter worth approximately $218,000. Finally, Westfield Capital Management Co. LP grew its holdings in Tesla by 19.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 521,524 shares of the electric vehicle producer’s stock worth $136,446,000 after buying an additional 83,527 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.