New Street Research Increases Tesla (NASDAQ:TSLA) Price Target to $520.00

Key Points

• New Street Research has raised its price target for Tesla from $465.00 to $520.00, which suggests a potential upside of 19.89% from the stock's previous closing price.
• Tesla reported $0.50 earnings per share for the last quarter, exceeding analysts' expectations of $0.48, along with a revenue of $28.10 billion.
• Insiders have sold a total of 202,606 shares of Tesla stock valued at approximately $75.6 million over the last three months, indicating significant insider selling activity.

Tesla (NASDAQ:TSLA - Get Free Report) had its price objective lifted by equities research analysts at New Street Research from $465.00 to $520.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The brokerage presently has a "buy" rating on the electric vehicle producer's stock. New Street Research's price target would indicate a potential upside of 19.89% from the company's previous close.

A number of other brokerages have also recently issued reports on TSLA. Roth Capital set a $505.00 price objective on Tesla and gave the company a "buy" rating in a report on Thursday. BNP Paribas Exane began coverage on Tesla in a research note on Thursday, October 16th. They issued an "underperform" rating and a $307.00 target price for the company. Melius Research set a $520.00 target price on Tesla and gave the company a "buy" rating in a research note on Monday, October 13th. Wall Street Zen upgraded Tesla from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Wedbush restated an "outperform" rating and issued a $600.00 target price on shares of Tesla in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, twelve have given a Hold rating and eleven have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $381.70.

Tesla Price Performance

Shares of NASDAQ TSLA traded down $15.26 during midday trading on Thursday, reaching $433.72. 94,342,620 shares of the company traded hands, compared to its average volume of 89,161,216. The firm has a market cap of $1.44 trillion, a PE ratio of 289.15, a PEG ratio of 16.13 and a beta of 2.08. The stock's 50-day simple moving average is $398.06 and its 200-day simple moving average is $339.92. Tesla has a 12 month low of $214.25 and a 12 month high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.07.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.48 by $0.02. The company had revenue of $28.10 billion during the quarter, compared to analysts' expectations of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business's revenue was up 11.6% on a year-over-year basis. During the same period last year, the business earned $0.72 earnings per share. As a group, equities analysts anticipate that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 over the last three months. 19.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tesla

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSLA. Norges Bank bought a new position in Tesla during the second quarter worth about $11,839,824,000. Goldman Sachs Group Inc. boosted its holdings in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after buying an additional 20,291,139 shares during the last quarter. Nuveen LLC bought a new position in Tesla during the first quarter worth about $3,247,619,000. Kingstone Capital Partners Texas LLC lifted its holdings in shares of Tesla by 581,880.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer's stock valued at $2,044,683,000 after purchasing an additional 6,435,598 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Tesla by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer's stock valued at $79,856,764,000 after purchasing an additional 4,502,976 shares in the last quarter. 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.

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