Tesla (NASDAQ:TSLA) Given Outperform Rating at Wedbush

Tesla (NASDAQ:TSLA)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research note issued to investors on Thursday,Benzinga reports. They presently have a $550.00 price objective on the electric vehicle producer’s stock. Wedbush’s price objective indicates a potential upside of 121.14% from the company’s current price.

A number of other research firms also recently commented on TSLA. The Goldman Sachs Group reissued a “cautious” rating on shares of Tesla in a report on Monday, March 3rd. Roth Mkm raised Tesla from a “neutral” rating to a “buy” rating and raised their target price for the company from $85.00 to $380.00 in a report on Monday, December 2nd. Piper Sandler dropped their price target on Tesla from $500.00 to $450.00 and set an “overweight” rating for the company in a research report on Thursday. New Street Research upgraded 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. Finally, Cantor Fitzgerald upgraded Tesla from a “neutral” rating to an “overweight” rating and set a $425.00 price target for the company in a research report on Wednesday. Nine analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus target price of $318.93.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $248.71 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The stock has a fifty day moving average price of $335.19 and a 200 day moving average price of $319.68. Tesla has a 1-year low of $138.80 and a 1-year high of $488.54. The company has a market cap of $799.98 billion, a PE ratio of 121.92, a P/E/G ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. Sell-side analysts forecast that Tesla will post 2.56 EPS for the current year.

Insiders Place Their Bets

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the completion of the sale, the director now directly owns 85,000 shares in the company, valued at $32,643,400. The trade was a 56.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the sale, the director now owns 5,400 shares of the company’s stock, valued at approximately $2,222,802. This represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 477,228 shares of company stock worth $166,849,043 over the last ninety days. 20.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in Tesla during the 4th quarter valued at $14,420,248,000. FMR LLC boosted its stake in Tesla by 40.1% during the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after acquiring an additional 9,920,325 shares during the last quarter. Strategic Financial Concepts LLC boosted its stake in Tesla by 36,790.0% during the 4th quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer’s stock valued at $3,497,526,000 after acquiring an additional 8,637,195 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Tesla by 4,963.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock valued at $2,356,288,000 after acquiring an additional 5,719,466 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock worth $11,541,592,000 after purchasing an additional 5,075,418 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

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.