Tesla (NASDAQ:TSLA) Receives “Hold” Rating from Truist Financial

Tesla (NASDAQ:TSLA)‘s stock had its “hold” rating reissued by Truist Financial in a report released on Thursday,Benzinga reports. They currently have a $360.00 price objective on the electric vehicle producer’s stock. Truist Financial’s price target points to a potential downside of 6.80% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 target price on shares of Tesla in a research report on Thursday, October 3rd. Canaccord Genuity Group raised their price objective on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Guggenheim upped their target price on Tesla from $156.00 to $175.00 and gave the stock a “sell” rating in a report on Thursday, December 5th. Stifel Nicolaus raised their price target on Tesla from $287.00 to $411.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Finally, Morgan Stanley upped their price objective on Tesla from $310.00 to $400.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 10th. Nine investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $275.75.

Tesla Trading Down 4.4 %

Shares of NASDAQ:TSLA traded down $17.59 during mid-day trading on Thursday, reaching $386.25. The stock had a trading volume of 25,168,674 shares, compared to its average volume of 94,854,445. The firm has a 50 day simple moving average of $357.16 and a two-hundred day simple moving average of $270.84. 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 firm has a market cap of $1.24 trillion, a PE ratio of 105.82, a price-to-earnings-growth ratio of 10.80 and a beta of 2.36. Tesla has a twelve month low of $138.80 and a twelve month high of $488.54.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data 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. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter in the previous year, the business posted $0.53 EPS. Tesla’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, research analysts predict that Tesla will post 1.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the transaction, the chief financial officer now owns 108,965 shares of the company’s stock, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $352.54, for a total value of $35,254,000.00. Following the sale, the director now owns 5,400 shares of the company’s stock, valued at approximately $1,903,716. This represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 514,886 shares of company stock worth $169,393,831 over the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Transcendent Capital Group LLC acquired a new position in shares of Tesla during the third quarter worth $29,000. 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 last quarter. Abich Financial Wealth Management LLC boosted its stake in shares of Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Valley Wealth Managers Inc. bought a new stake in shares of Tesla during the second quarter worth about $26,000. Finally, Peterson Financial Group Inc. acquired a new position in shares of Tesla in the third quarter valued at approximately $35,000. Institutional investors own 66.20% of the company’s stock.

Tesla Company Profile

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.