Cantor Fitzgerald Reaffirms Overweight Rating for Tesla (NASDAQ:TSLA)

Key Points

• Cantor Fitzgerald has reaffirmed its "overweight" rating for Tesla (TSLA) with a price target of $355.00, indicating a potential downside of 19.64% from the stock's previous close.
• Multiple research firms have recently adjusted their ratings and price targets for Tesla, with Goldman Sachs and Piper Sandler raising their targets to $425.00 and $500.00 respectively.
• Tesla's recent quarterly earnings report showed a miss in earnings per share expectations, posting $0.40 compared to a consensus estimate of $0.43 and a revenue decline of 11.8% year-over-year.

Tesla (NASDAQ:TSLA - Get Free Report)'s stock had its "overweight" rating reissued by analysts at Cantor Fitzgerald in a note issued to investors on Friday,Benzinga reports. They currently have a $355.00 price objective on the electric vehicle producer's stock. Cantor Fitzgerald's price target would indicate a potential downside of 19.64% from the stock's previous close.

A number of other research firms have also recently issued reports on TSLA. The Goldman Sachs Group lifted their price target on shares of Tesla from $395.00 to $425.00 and gave the company a "neutral" rating in a research note on Friday. Piper Sandler raised their price target on shares of Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a research note on Monday, September 22nd. Mizuho boosted their price objective on Tesla from $375.00 to $450.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 23rd. Benchmark reiterated a "buy" rating and set a $475.00 price target (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Finally, China Renaissance reissued a "hold" rating and issued a $349.00 price objective on shares of Tesla in a research note on Friday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have issued a Hold rating and eight have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $343.43.

Tesla Stock Performance

TSLA opened at $441.78 on Friday. Tesla has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The stock has a market cap of $1.47 trillion, a P/E ratio of 255.42, a P/E/G ratio of 15.97 and a beta of 2.08. The firm has a fifty day moving average price of $361.74 and a 200 day moving average price of $319.98.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. Tesla's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 EPS. Equities research analysts anticipate that Tesla will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,735,080.36. This represents a 40.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. This represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 208,606 shares of company stock worth $77,360,462 in the last ninety days. 19.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TSLA. Central Pacific Bank Trust Division increased its position in shares of Tesla by 42.9% during the third quarter. Central Pacific Bank Trust Division now owns 3,684 shares of the electric vehicle producer's stock valued at $1,638,000 after acquiring an additional 1,106 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Tesla by 9.8% during the third quarter. GAMMA Investing LLC now owns 52,779 shares of the electric vehicle producer's stock worth $23,472,000 after buying an additional 4,723 shares during the period. Armstrong Henry H Associates Inc. acquired a new stake in shares of Tesla in the third quarter valued at $205,000. Global Wealth Strategies & Associates raised its holdings in shares of Tesla by 56.1% in the 3rd quarter. Global Wealth Strategies & Associates now owns 2,137 shares of the electric vehicle producer's stock valued at $950,000 after buying an additional 768 shares during the period. Finally, Park National Corp OH lifted its stake in Tesla by 17.9% during the 3rd quarter. Park National Corp OH now owns 2,497 shares of the electric vehicle producer's stock worth $1,110,000 after acquiring an additional 379 shares in the last quarter. 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.

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