Tesla (NASDAQ:TSLA) Stock Price Expected to Rise, Truist Financial Analyst Says

Tesla (NASDAQ:TSLA) had its price target increased by analysts at Truist Financial from $351.00 to $373.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the electric vehicle producer’s stock. Truist Financial’s target price points to a potential downside of 7.81% from the company’s current price.

A number of other research firms have also weighed in on TSLA. New Street Research upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price target for the company in a research report on Monday, January 6th. Canaccord Genuity Group increased their price target on Tesla from $298.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. Cantor Fitzgerald reissued a “neutral” rating and set a $365.00 price target on shares of Tesla in a report on Wednesday. HSBC reaffirmed a “reduce” rating and issued a $124.00 price objective on shares of Tesla in a research note on Friday, October 11th. Finally, Oppenheimer reissued a “market perform” rating on shares of Tesla in a research note on Tuesday, October 8th. Nine research analysts have rated the stock with a sell rating, thirteen have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $318.31.

Tesla Stock Up 1.1 %

Shares of TSLA stock opened at $404.60 on Thursday. Tesla has a 12 month low of $138.80 and a 12 month high of $488.54. The company has a 50 day simple moving average of $403.18 and a two-hundred day simple moving average of $297.99. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.30 trillion, a P/E ratio of 198.33, a P/E/G ratio of 8.08 and a beta of 2.30.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.54% and a net margin of 7.26%. On average, research analysts expect that Tesla will post 2.82 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $300.37, for a total value of $2,402,960.00. Following the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $31,548,461.84. This represents a 7.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $346.02, for a total value of $34,602,000.00. Following the completion of the sale, the director now 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 disclosure for this sale can be found here. Insiders sold 553,386 shares of company stock worth $196,305,796 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several institutional investors have recently made changes to their positions in TSLA. Transcendent Capital Group LLC purchased a new position in Tesla during the 3rd quarter valued at about $29,000. Clean Yield Group boosted its stake in shares of Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares in the last quarter. Peterson Financial Group Inc. purchased a new position in Tesla during the third quarter valued at approximately $35,000. M&R Capital Management Inc. lifted its holdings in Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after buying an additional 100 shares during the period. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Tesla during the 4th quarter valued at $46,000. Hedge funds and other institutional investors 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.