China Renaissance Reiterates Hold Rating for Tesla (NASDAQ:TSLA)

Key Points

• Tesla's stock has maintained a "hold" rating from China Renaissance, with a price target of $349.00, indicating a potential upside of 14.31% from the company's previous close.
• Various research firms have issued conflicting ratings, with the consensus rating still at "Hold" and a consensus price target of $302.75 among analysts.
• In recent insider activity, Tesla's CFO sold 6,000 shares, representing a 75.47% decrease in their position, while total insider sales over the last 90 days amounted to approximately $279.4 million.

Tesla (NASDAQ:TSLA - Get Free Report)'s stock had its "hold" rating reaffirmed by China Renaissance in a research note issued on Friday, MarketBeat reports. They presently have a $349.00 price target on the electric vehicle producer's stock. China Renaissance's price objective indicates a potential upside of 10.42% from the stock's current price.

A number of other research analysts have also commented on the stock. Canaccord Genuity Group upped their price objective on shares of Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research report on Thursday. Roth Mkm cut their price objective on shares of Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Glj Research reaffirmed a "sell" rating on shares of Tesla in a research report on Thursday. Argus reaffirmed a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Finally, Cantor Fitzgerald dropped their price target on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Ten analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $302.75.

Tesla Stock Performance

TSLA stock traded up $10.76 during mid-day trading on Friday, reaching $316.06. 147,437,834 shares of the stock traded hands, compared to its average volume of 90,285,424. The company has a quick ratio of 1.54, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla has a 52 week low of $182.00 and a 52 week high of $488.54. The business has a 50-day moving average of $324.70 and a two-hundred day moving average of $314.65. The firm has a market capitalization of $1.02 trillion, a PE ratio of 182.69, a P/E/G ratio of 11.59 and a beta of 2.39.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm's revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. As a group, equities analysts predict that Tesla will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction on 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 transaction, the senior vice president owned 67,600 shares of the company's stock, valued at $21,889,556. This represents a 18.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 835,509 shares of company stock worth $279,420,485 over the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tesla

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cherry Tree Wealth Management LLC raised its holdings in shares of 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 acquiring an additional 44 shares during the period. First PREMIER Bank raised its holdings in shares of Tesla by 79.2% during 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 period. Newton One Investments LLC increased its stake in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Tesla in the 1st quarter valued at $27,000. Finally, True Wealth Design LLC increased its stake in Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 31 shares during the last quarter. 66.20% of the stock is 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.