Truist Financial Issues Positive Forecast for Tesla (NASDAQ:TSLA) Stock Price

Key Points

• Truist Financial raised its price target for Tesla's stock from $280.00 to $406.00, maintaining a "hold" rating, which indicates a potential downside of 7.51% from the previous close.
• Multiple analysts have varied views on Tesla, with HSBC and Goldman Sachs increasing their targets, while Glj Research reiterated a "sell" rating, leading to an overall average price target of $366.95.
• In recent insider trading, Director James R. Murdoch sold 60,000 shares of Tesla, representing an 8.61% decrease in ownership, while CFO Vaibhav Taneja also sold shares, signaling potential changes in insider confidence.

Tesla (NASDAQ:TSLA - Get Free Report) had its price target raised by Truist Financial from $280.00 to $406.00 in a research note issued on Thursday,Briefing.com Automated Import reports. The brokerage presently has a "hold" rating on the electric vehicle producer's stock. Truist Financial's target price would suggest a potential downside of 7.51% from the company's previous close.

A number of other research analysts also recently commented on TSLA. HSBC increased their price target on Tesla from $120.00 to $127.00 in a report on Monday, September 29th. Glj Research restated a "sell" rating on shares of Tesla in a research note on Wednesday. Melius started coverage on shares of Tesla in a research note on Monday, October 13th. They issued a "buy" rating and a $520.00 price target for the company. BNP Paribas Exane started coverage on shares of Tesla in a report on Thursday, October 16th. They set an "underperform" rating and a $307.00 price objective for the company. Finally, The Goldman Sachs Group increased their price target on shares of Tesla from $395.00 to $425.00 and gave the stock a "neutral" rating in a research report on Friday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $366.95.

Tesla Price Performance

TSLA stock opened at $438.97 on Thursday. The firm has a market cap of $1.46 trillion, a P/E ratio of 253.74, a price-to-earnings-growth ratio of 15.91 and a beta of 2.08. Tesla has a 1 year low of $212.11 and a 1 year high of $488.54. The stock has a 50-day simple moving average of $393.73 and a 200-day simple moving average of $336.97. 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 (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.02. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $28.10 billion for the quarter, compared to analysts' expectations of $24.98 billion. During the same period in the previous year, the company posted $0.72 earnings per share. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts predict that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director James R. Murdoch sold 60,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the transaction, the director directly owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the company's 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 transaction, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $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. Insiders have sold a total of 202,606 shares of company stock worth $75,588,902 over the last quarter. 19.90% of the stock is owned by company insiders.

Institutional Trading of Tesla

A number of large investors have recently modified their holdings of the company. Relyea Zuckerberg Hanson LLC grew its holdings in shares of Tesla by 0.4% during the third quarter. Relyea Zuckerberg Hanson LLC now owns 6,558 shares of the electric vehicle producer's stock valued at $2,916,000 after buying an additional 23 shares in the last quarter. Chesley Taft & Associates LLC lifted its position in shares of Tesla by 0.8% in the third quarter. Chesley Taft & Associates LLC now owns 3,118 shares of the electric vehicle producer's stock worth $1,387,000 after purchasing an additional 25 shares in the last quarter. DecisionMap Wealth Management LLC lifted its position in shares of Tesla by 1.0% in the third quarter. DecisionMap Wealth Management LLC now owns 2,533 shares of the electric vehicle producer's stock worth $1,126,000 after purchasing an additional 25 shares in the last quarter. KRS Capital Management LLC increased its stake in Tesla by 1.2% in the 3rd quarter. KRS Capital Management LLC now owns 2,035 shares of the electric vehicle producer's stock valued at $905,000 after buying an additional 25 shares during the period. Finally, Lakeridge Wealth Management LLC increased its stake in Tesla by 1.0% in the 3rd quarter. Lakeridge Wealth Management LLC now owns 2,585 shares of the electric vehicle producer's stock valued at $1,149,000 after buying an additional 25 shares during the period. Institutional investors and hedge funds own 66.20% of the company's stock.

About Tesla

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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