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Tesla's (TSLA) Outperform Rating Reaffirmed at Royal Bank Of Canada

Tesla logo with Auto/Tires/Trucks background

Key Points

  • Tesla's stock received an "outperform" rating from Royal Bank of Canada, with a price target of $500.00, indicating a potential upside of 17.72% from its previous close.
  • Bank of America raised its target price on Tesla shares to $341.00 and assigned a "neutral" rating, while Wedbush set a higher target of $600.00 with the same "outperform" rating.
  • Several insiders sold shares recently, including Director James R. Murdoch, who sold 120,000 shares worth approximately $42 million, reducing his ownership by 14.69%.
  • Five stocks we like better than Tesla.

Tesla (NASDAQ:TSLA - Get Free Report)'s stock had its "outperform" rating reaffirmed by investment analysts at Royal Bank Of Canada in a note issued to investors on Thursday, MarketBeat.com reports. They presently have a $500.00 price target on the electric vehicle producer's stock. Royal Bank Of Canada's target price indicates a potential upside of 17.72% from the stock's previous close.

Several other research analysts have also recently commented on TSLA. Bank of America raised their target price on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. BNP Paribas Exane started coverage on shares of Tesla in a research report on Thursday, October 16th. They set an "underperform" rating and a $307.00 price target on the stock. Wedbush reiterated an "outperform" rating and set a $600.00 price target on shares of Tesla in a research report on Monday. Robert W. Baird upgraded shares of Tesla from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $320.00 to $548.00 in a research report on Friday, September 19th. Finally, Piper Sandler raised their target price on shares of Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a research report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have assigned a Hold rating and ten have issued a Sell rating to the company's stock. Based on data from MarketBeat, Tesla currently has an average rating of "Hold" and a consensus price target of $375.50.

Check Out Our Latest Research Report on Tesla

Tesla Stock Performance

Shares of TSLA traded down $14.22 during mid-day trading on Thursday, hitting $424.75. 20,047,608 shares of the company's stock were exchanged, compared to its average volume of 101,271,883. Tesla has a 52 week low of $214.25 and a 52 week high of $488.54. The stock's 50-day simple moving average is $393.73 and its 200-day simple moving average is $336.97. The firm has a market cap of $1.41 trillion, a price-to-earnings ratio of 244.19, a price-to-earnings-growth ratio of 15.91 and a beta of 2.08. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $28.10 billion for the quarter, compared to analysts' expectations of $24.98 billion. During the same period last year, the firm earned $0.72 earnings per share. The business's revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities research analysts expect that Tesla will post 2.56 EPS for the current year.

Insider Activity at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock worth $75,588,902 over the last quarter. Company insiders own 19.90% of the company's stock.

Institutional Investors Weigh In On Tesla

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. KLP Kapitalforvaltning AS increased its stake in Tesla by 6.3% in the third quarter. KLP Kapitalforvaltning AS now owns 1,098,110 shares of the electric vehicle producer's stock valued at $488,351,000 after purchasing an additional 64,600 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. increased its stake in Tesla by 766.3% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 5,839 shares of the electric vehicle producer's stock valued at $2,597,000 after purchasing an additional 5,165 shares in the last quarter. New Century Financial Group LLC bought a new stake in Tesla in the third quarter valued at $230,000. Sather Financial Group Inc increased its stake in Tesla by 4.4% in the third quarter. Sather Financial Group Inc now owns 1,764 shares of the electric vehicle producer's stock valued at $784,000 after purchasing an additional 75 shares in the last quarter. Finally, Kelly Financial Group LLC bought a new stake in shares of Tesla during the third quarter worth about $259,000. 66.20% of the stock is owned by institutional investors.

Tesla Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Tesla (NASDAQ:TSLA)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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