Tesla (NASDAQ:TSLA) Given New $500.00 Price Target at Wedbush

Tesla (NASDAQ:TSLA - Get Free Report) had its target price increased by equities research analysts at Wedbush from $350.00 to $500.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the electric vehicle producer's stock. Wedbush's price target points to a potential upside of 46.61% from the stock's current price.

Several other brokerages also recently commented on TSLA. Piper Sandler set a $400.00 price objective on Tesla in a research note on Tuesday, May 6th. Royal Bank of Canada dropped their price target on shares of Tesla from $314.00 to $307.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Cowen raised shares of Tesla from a "hold" rating to a "buy" rating in a research report on Thursday, March 6th. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the company a "buy" rating in a research note on Thursday, April 24th. Finally, Benchmark restated a "buy" rating and issued a $350.00 price objective on shares of Tesla in a research note on Wednesday, April 23rd. Ten analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $293.97.

Tesla Stock Up 1.9%

Shares of NASDAQ TSLA opened at $341.04 on Friday. The company has a 50 day simple moving average of $275.05 and a 200 day simple moving average of $332.09. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. Tesla has a 1 year low of $167.41 and a 1 year high of $488.54. The firm has a market cap of $1.10 trillion, a PE ratio of 167.18, a price-to-earnings-growth ratio of 5.86 and a beta of 2.43.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). The business had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. Tesla had a return on equity of 10.31% and a net margin of 7.26%. During the same quarter in the previous year, the company posted $0.45 EPS. On average, research analysts forecast that Tesla will post 2.56 EPS for the current year.

Insider Buying and Selling

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $299.61, for a total value of $33,673,167.90. Following the completion of the transaction, the director now owns 85,000 shares of the company's stock, valued at $25,466,850. The trade was a 56.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,672 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $268.73, for a total transaction of $718,046.56. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares in the company, valued at $7,242,273.50. The trade was a 9.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 415,623 shares of company stock worth $116,650,831. Corporate insiders own 20.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Group Ltd. bought a new stake in Tesla in the fourth quarter worth $275,000. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Tesla during the fourth quarter worth about $1,361,000. Tallon Kerry Patrick purchased a new position in Tesla during the 4th quarter valued at about $374,000. Chesapeake Wealth Management increased its position in Tesla by 8.0% during the 4th quarter. Chesapeake Wealth Management now owns 2,866 shares of the electric vehicle producer's stock valued at $1,157,000 after buying an additional 212 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its stake in Tesla by 9.3% during the fourth quarter. Crossmark Global Holdings Inc. now owns 138,880 shares of the electric vehicle producer's stock valued at $56,085,000 after buying an additional 11,866 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other 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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