Royal Bank of Canada Raises Tesla (NASDAQ:TSLA) Price Target to $249.00

Tesla (NASDAQ:TSLA) had its price objective upped by Royal Bank of Canada from $236.00 to $249.00 in a research note published on Thursday, MarketBeat.com reports. They currently have an outperform rating on the electric vehicle producer’s stock.

Other equities analysts have also recently issued reports about the company. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 price objective on shares of Tesla in a report on Thursday, October 3rd. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research note on Tuesday, October 8th. Glj Research reissued a “sell” rating and set a $24.86 price objective on shares of Tesla in a research note on Thursday, October 17th. The Goldman Sachs Group restated a “neutral” rating and issued a $230.00 target price on shares of Tesla in a report on Friday, October 11th. Finally, KGI Securities reissued a “neutral” rating and issued a $236.00 price target on shares of Tesla in a report on Thursday, July 25th. Eight research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Tesla presently has a consensus rating of “Hold” and an average target price of $219.00.

Tesla Stock Performance

Shares of TSLA opened at $269.19 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. The stock has a market capitalization of $858.50 billion, a price-to-earnings ratio of 68.67, a price-to-earnings-growth ratio of 6.24 and a beta of 2.29. Tesla has a 52-week low of $138.80 and a 52-week high of $271.00. The stock’s 50-day simple moving average is $230.53 and its 200 day simple moving average is $207.92.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter in the prior year, the firm posted $0.53 earnings per share. The business’s quarterly revenue was up 7.8% on a year-over-year basis. Research analysts forecast that Tesla will post 1.75 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vaibhav Taneja sold 8,000 shares of the company’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 sale, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

Hedge funds have recently made changes to their positions in the company. Bank & Trust Co acquired a new position in shares of Tesla during the 2nd quarter valued at about $25,000. Valley Wealth Managers Inc. acquired a new stake in Tesla during the second quarter worth $26,000. Abich Financial Wealth Management LLC increased its stake in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares during the last quarter. Clean Yield Group raised its position in Tesla by 60.0% in 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 during the period. Finally, M&R Capital Management Inc. lifted its stake in shares of Tesla by 263.2% in the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares during 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.