Tesla (NASDAQ:TSLA) Stock Price Expected to Rise, TD Cowen Analyst Says

Key Points

• TD Cowen has raised its target price for Tesla from $374.00 to $509.00, indicating an expected increase in share price of 18.14% from its previous close.
• The consensus rating for Tesla among analysts is currently a "Hold" with a consensus target price of $349.37, despite two analysts rating it as a Strong Buy.
• Tesla's shares traded down 1.8% to $430.83 recently, as the company reported lower than expected quarterly earnings and revenue.

Tesla (NASDAQ:TSLA - Get Free Report) had its target price hoisted by TD Cowen from $374.00 to $509.00 in a research note issued on Thursday,MarketScreener reports. The brokerage currently has a "buy" rating on the electric vehicle producer's stock. TD Cowen's price objective points to a potential upside of 18.14% from the stock's previous close.

A number of other equities analysts have also recently commented on TSLA. Mizuho raised their target price on Tesla from $375.00 to $450.00 and gave the company an "outperform" rating in a report on Tuesday, September 23rd. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Guggenheim restated a "sell" rating and set a $175.00 target price on shares of Tesla in a report on Wednesday, July 23rd. Canaccord Genuity Group raised their target price on Tesla from $333.00 to $490.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Finally, Wedbush lifted their price objective on Tesla from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Friday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have assigned a Hold rating and eight have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $349.37.

Tesla Trading Down 1.8%

Shares of NASDAQ TSLA traded down $7.86 during mid-day trading on Thursday, reaching $430.83. 13,259,250 shares of the company's stock were exchanged, compared to its average volume of 102,454,656. The firm has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 248.72, a PEG ratio of 15.92 and a beta of 2.08. 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 52-week low of $212.11 and a 52-week high of $488.54. The company's 50-day moving average is $371.20 and its 200-day moving average is $325.56.

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

Insider Activity

In related news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 202,606 shares of company stock valued at $75,588,902. Company insiders own 19.90% of the company's stock.

Institutional Trading of Tesla

Institutional investors have recently bought and sold shares of the company. Cherry Tree Wealth Management LLC boosted its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank raised its holdings in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares during the last quarter. Chapman Financial Group LLC acquired a new position in shares of Tesla in the second quarter worth $26,000. Newton One Investments LLC raised its holdings in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new position in shares of Tesla in the first quarter worth $27,000. 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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