Wedbush Reiterates "Outperform" Rating for Tesla (NASDAQ:TSLA)

Tesla (NASDAQ:TSLA - Get Free Report)'s stock had its "outperform" rating reissued by investment analysts at Wedbush in a report issued on Tuesday,Benzinga reports. They presently have a $500.00 price objective on the electric vehicle producer's stock. Wedbush's price objective would indicate a potential upside of 67.76% from the stock's previous close.

Several other brokerages also recently issued reports on TSLA. Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. Glj Research reissued a "sell" rating and set a $19.05 price objective (down from $24.86) on shares of Tesla in a report on Monday, April 21st. UBS Group set a $290.00 price objective on Tesla in a report on Monday, June 30th. Argus reiterated a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Finally, Guggenheim reiterated a "sell" rating and issued a $175.00 price target on shares of Tesla in a research report on Monday, June 23rd. Ten research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $301.60.

Tesla Stock Up 1.4%

Shares of NASDAQ:TSLA opened at $298.04 on Tuesday. Tesla has a 52 week low of $182.00 and a 52 week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. The company's fifty day moving average is $321.10 and its 200-day moving average is $323.46. The company has a market capitalization of $959.97 billion, a PE ratio of 163.76, a P/E/G ratio of 9.17 and a beta of 2.39.

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

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,564 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $285.71, for a total value of $732,560.44. Following the completion of the transaction, the chief financial officer owned 5,924 shares in the company, valued at $1,692,546.04. This represents a 30.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 829,509 shares of company stock valued at $277,648,925 in the last 90 days. 20.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of TSLA. Rinkey Investments grew its holdings in shares of Tesla by 3.5% in the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock worth $347,000 after acquiring an additional 29 shares during the last quarter. Pitti Group Wealth Management LLC grew its holdings in shares of Tesla by 2.2% in the 4th quarter. Pitti Group Wealth Management LLC now owns 1,470 shares of the electric vehicle producer's stock worth $594,000 after acquiring an additional 31 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Horrell Capital Management Inc. grew its holdings in shares of Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after buying an additional 34 shares in the last quarter. Finally, Aldebaran Financial Inc. grew its holdings in shares of Tesla by 3.1% during the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock valued at $490,000 after buying an additional 35 shares in the last quarter. Institutional investors 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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