China Renaissance Boosts Tesla (NASDAQ:TSLA) Price Target to $380.00

Key Points

• China Renaissance has increased Tesla's price target from $349.00 to $380.00 while maintaining a "hold" rating, indicating a potential downside of 14.10% from the stock's prior close.
• As of the latest reports, Tesla has a mixed analyst rating where 20 analysts rate it as "buy," while 11 analysts give it a "sell," resulting in an average target price of $380.03.
• Tesla's quarterly earnings surpassed expectations, reporting $0.50 EPS and $28.10 billion in revenue, reflecting an 11.6% year-over-year revenue growth.

Tesla (NASDAQ:TSLA - Get Free Report) had its price objective lifted by stock analysts at China Renaissance from $349.00 to $380.00 in a research note issued on Friday,MarketScreener reports. The brokerage presently has a "hold" rating on the electric vehicle producer's stock. China Renaissance's price target suggests a potential downside of 14.10% from the stock's previous close.

A number of other research analysts also recently commented on TSLA. William Blair reissued a "market perform" rating on shares of Tesla in a report on Friday, September 5th. Melius Research set a $520.00 target price on Tesla and gave the stock a "buy" rating in a report on Monday, October 13th. JPMorgan Chase & Co. increased their target price on Tesla from $115.00 to $150.00 in a report on Friday, October 3rd. Industrial Alliance Securities set a $300.00 target price on Tesla in a report on Monday, October 13th. Finally, Evercore ISI cut their price target on Tesla from $300.00 to $235.00 in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, twelve have assigned a Hold rating and eleven have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $380.03.

Tesla Price Performance

TSLA stock opened at $442.38 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla has a 1 year low of $214.25 and a 1 year high of $488.54. The firm has a market cap of $1.47 trillion, a P/E ratio of 294.47, a price-to-earnings-growth ratio of 15.78 and a beta of 2.08. The stock has a 50-day simple moving average of $396.00 and a 200-day simple moving average of $338.45.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.48 by $0.02. The firm had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a return on equity of 6.72% and a net margin of 5.51%.Tesla's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.72 earnings per share. On average, equities analysts predict that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was 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 $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock worth $75,588,902 over the last three months. Corporate insiders own 19.90% of the company's stock.

Hedge Funds Weigh In On Tesla

Institutional investors have recently made changes to their positions in the business. Siren L.L.C. bought a new position in shares of Tesla in the first quarter worth about $2,332,000. Zuckerman Investment Group LLC increased its stake in shares of Tesla by 6.9% in the first quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer's stock worth $3,304,000 after purchasing an additional 826 shares during the period. Keystone Global Partners LLC bought a new position in shares of Tesla in the first quarter worth about $594,000. Strs Ohio bought a new position in shares of Tesla in the first quarter worth about $205,495,000. Finally, IFM Investors Pty Ltd increased its stake in shares of Tesla by 8.5% in the first quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock worth $153,436,000 after purchasing an additional 46,087 shares during the period. 66.20% of the stock is currently owned by institutional investors.

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.

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