Tesla's (TSLA) Outperform Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Tesla (NASDAQ:TSLA - Free Report) in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a $500.00 price objective on the electric vehicle producer's stock.

Several other equities research analysts also recently weighed in on the company. Mizuho cut their price target on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. Truist Financial set a $280.00 price target on Tesla in a report on Tuesday, April 22nd. Raymond James Financial downgraded Tesla to an "outperform" rating in a report on Tuesday, April 22nd. Benchmark restated a "buy" rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, William Blair downgraded Tesla from an "outperform" rating to a "market perform" rating in a report on Monday, July 7th. Ten investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and a consensus price target of $302.75.

Tesla Trading Up 3.5%

TSLA traded up $10.76 during mid-day trading on Tuesday, hitting $316.06. 147,383,585 shares of the stock were exchanged, compared to its average volume of 108,493,750. The firm's fifty day moving average is $325.38 and its two-hundred day moving average is $315.19. Tesla has a 1-year low of $182.00 and a 1-year high of $488.54. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.02 trillion, a PE ratio of 182.69, a PEG ratio of 12.63 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 8.11% and a net margin of 6.54%. The firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the company posted $0.52 EPS. Tesla's revenue was down 11.8% on a year-over-year basis. Equities analysts forecast that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 15,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the sale, the senior vice president directly owned 67,600 shares of the company's stock, valued at $21,889,556. This represents a 18.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director directly owned 855,394 shares of the company's stock, valued at $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 835,509 shares of company stock valued at $279,420,485 in the last 90 days. Company insiders own 20.70% of the company's stock.

Institutional Trading of Tesla

A number of hedge funds have recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Tesla by 20.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 97,926 shares of the electric vehicle producer's stock valued at $31,107,000 after buying an additional 16,613 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in shares of Tesla by 0.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 242,256 shares of the electric vehicle producer's stock valued at $76,955,000 after buying an additional 1,805 shares during the period. Wealth Architects LLC lifted its holdings in shares of Tesla by 3.0% in the 2nd quarter. Wealth Architects LLC now owns 6,017 shares of the electric vehicle producer's stock valued at $1,911,000 after buying an additional 173 shares during the period. Concord Asset Management LLC VA lifted its holdings in shares of Tesla by 25.9% in the 2nd quarter. Concord Asset Management LLC VA now owns 8,385 shares of the electric vehicle producer's stock valued at $2,664,000 after buying an additional 1,726 shares during the period. Finally, Total Clarity Wealth Management Inc. lifted its holdings in shares of Tesla by 190.8% in the 2nd quarter. Total Clarity Wealth Management Inc. now owns 5,415 shares of the electric vehicle producer's stock valued at $1,720,000 after buying an additional 3,553 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

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.