Wedbush Reaffirms Outperform Rating for Tesla (NASDAQ:TSLA)

Wedbush reiterated their outperform rating on shares of Tesla (NASDAQ:TSLA - Free Report) in a research note published on Tuesday,Benzinga reports. The firm currently has a $500.00 target price on the electric vehicle producer's stock.

Other analysts have also issued reports about the stock. Roth Mkm reduced their price target on shares of Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Deutsche Bank Aktiengesellschaft cut their target price on Tesla from $420.00 to $345.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Guggenheim reissued a "sell" rating and issued a $175.00 price objective on shares of Tesla in a research note on Monday, June 23rd. Baird R W cut Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Finally, Truist Financial set a $280.00 price target on shares of Tesla in a research report on Tuesday, April 22nd. Ten analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Tesla presently has a consensus rating of "Hold" and an average target price of $301.24.

Tesla Stock Performance

TSLA traded down $2.09 on Tuesday, hitting $313.56. 57,719,775 shares of the company's stock were exchanged, compared to its average volume of 101,396,963. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average of $319.28 and a two-hundred day moving average of $328.10. Tesla has a twelve month low of $182.00 and a twelve month high of $488.54. The firm has a market cap of $1.01 trillion, a PE ratio of 172.29, a P/E/G ratio of 11.41 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same quarter in the prior year, the company posted $0.45 EPS. On average, research analysts anticipate that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robyn M. Denholm sold 112,395 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total transaction of $30,809,717.40. Following the completion of the sale, the director directly owned 85,000 shares of the company's stock, valued at approximately $23,300,200. This represents a 56.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director directly owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 833,509 shares of company stock valued at $278,648,925. Insiders own 20.70% of the company's stock.

Hedge Funds Weigh In On Tesla

Several large investors have recently bought and sold shares of TSLA. TrueWealth Advisors LLC increased its holdings in shares of Tesla by 2.1% during the 2nd quarter. TrueWealth Advisors LLC now owns 4,063 shares of the electric vehicle producer's stock worth $1,291,000 after purchasing an additional 85 shares during the period. McLean Asset Management Corp raised its holdings in Tesla by 2.3% in the 2nd quarter. McLean Asset Management Corp now owns 2,397 shares of the electric vehicle producer's stock valued at $757,000 after acquiring an additional 55 shares in the last quarter. Sage Capital Advisors llc lifted its position in shares of Tesla by 13.9% in the 2nd quarter. Sage Capital Advisors llc now owns 1,169 shares of the electric vehicle producer's stock worth $371,000 after acquiring an additional 143 shares during the period. HBW Advisory Services LLC increased its position in shares of Tesla by 5.1% during the second quarter. HBW Advisory Services LLC now owns 15,613 shares of the electric vehicle producer's stock valued at $4,960,000 after purchasing an additional 755 shares during the period. Finally, Crumly & Associates Inc. raised its stake in shares of Tesla by 25.5% in the second quarter. Crumly & Associates Inc. now owns 4,497 shares of the electric vehicle producer's stock valued at $1,429,000 after purchasing an additional 913 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.