Tesla (NASDAQ:TSLA) Price Target Raised to $406.00

Tesla (NASDAQ:TSLA) had its target price increased by Truist Financial from $280.00 to $406.00 in a report released on Thursday morning, MarketBeat reports. Truist Financial currently has a hold rating on the electric vehicle producer’s stock.

Several other research firms also recently weighed in on TSLA. Melius started coverage on shares of Tesla in a report on Monday, October 13th. They set a “buy” rating and a $520.00 target price for the company. Bank of America lifted their price target on shares of Tesla from $305.00 to $341.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Guggenheim reiterated a “sell” rating and set a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a report on Friday, September 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Tesla from $115.00 to $150.00 in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, twelve have assigned a Hold rating and eleven have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $381.70.

Tesla Stock Performance

NASDAQ:TSLA opened at $433.72 on Thursday. The company has a current ratio of 2.07, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $398.06 and a two-hundred day moving average price of $340.74. Tesla has a twelve month low of $214.25 and a twelve month high of $488.54. The company has a market capitalization of $1.44 trillion, a P/E ratio of 289.15, a price-to-earnings-growth ratio of 15.59 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same period last year, the firm posted $0.72 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts expect that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the transaction, the director directly owned 637,031 shares of the company’s stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Relyea Zuckerberg Hanson LLC lifted its position in shares of Tesla by 0.4% during the third quarter. Relyea Zuckerberg Hanson LLC now owns 6,558 shares of the electric vehicle producer’s stock worth $2,916,000 after purchasing an additional 23 shares in the last quarter. Equita Financial Network Inc. lifted its position in shares of Tesla by 2.8% during the third quarter. Equita Financial Network Inc. now owns 855 shares of the electric vehicle producer’s stock worth $380,000 after purchasing an additional 23 shares in the last quarter. Pinnacle Bancorp Inc. lifted its position in shares of Tesla by 4.1% during the third quarter. Pinnacle Bancorp Inc. now owns 609 shares of the electric vehicle producer’s stock worth $271,000 after purchasing an additional 24 shares in the last quarter. Chesley Taft & Associates LLC lifted its position in shares of Tesla by 0.8% during the third quarter. Chesley Taft & Associates LLC now owns 3,118 shares of the electric vehicle producer’s stock worth $1,387,000 after purchasing an additional 25 shares in the last quarter. Finally, KRS Capital Management LLC lifted its position in shares of Tesla by 1.2% during the third quarter. KRS Capital Management LLC now owns 2,035 shares of the electric vehicle producer’s stock worth $905,000 after purchasing an additional 25 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

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.