Wedbush Reiterates Outperform Rating for Tesla (NASDAQ:TSLA)

Key Points

• Wedbush has reiterated its "outperform" rating for Tesla, setting a target price of $600.00, which indicates a potential 34.73% upside from the current price.
• Several analysts have recently raised their price objectives for Tesla, with Royal Bank Of Canada increasing theirs from $325.00 to $500.00 and Melius initiating coverage with a $520.00 price target.
• Tesla's latest quarterly results showed $0.40 earnings per share, missing estimates, and a revenue decline of 11.8% from the same quarter last year.

Tesla (NASDAQ:TSLA - Get Free Report)'s stock had its "outperform" rating reiterated by analysts at Wedbush in a report issued on Monday,Benzinga reports. They currently have a $600.00 target price on the electric vehicle producer's stock. Wedbush's price target suggests a potential upside of 34.73% from the stock's current price.

TSLA has been the topic of a number of other reports. Royal Bank Of Canada lifted their price objective on Tesla from $325.00 to $500.00 and gave the stock an "outperform" rating in a research note on Friday, October 10th. Melius began coverage on Tesla in a research report on Monday, October 13th. They issued a "buy" rating and a $520.00 price objective for the company. Canaccord Genuity Group raised their target price on Tesla from $333.00 to $490.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Dbs Bank increased their price objective on Tesla from $300.00 to $450.00 in a research note on Wednesday, September 17th. Finally, JPMorgan Chase & Co. raised their price objective on Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. Two equities research 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $363.54.

Tesla Price Performance

Shares of TSLA opened at $445.34 on Monday. The business has a 50-day simple moving average of $387.54 and a two-hundred day simple moving average of $334.06. Tesla has a 12-month low of $212.11 and a 12-month high of $488.54. The stock has a market cap of $1.48 trillion, a PE ratio of 253.94, a PEG ratio of 15.79 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 quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.52 earnings per share. Analysts anticipate that Tesla will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares of the company's stock, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares in the company, valued at $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 202,606 shares of company stock worth $75,588,902 in the last ninety days. 19.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tesla

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Chapman Financial Group LLC purchased a new stake in Tesla during the 2nd quarter valued at $26,000. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla in the first quarter worth about $27,000. Chelsea Counsel Co. raised its position in Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Centennial Bank AR lifted its holdings in Tesla by 833.3% in the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock worth $29,000 after buying an additional 100 shares during the period. Finally, LGT Financial Advisors LLC bought a new position in shares of Tesla during the second quarter valued at approximately $29,000. Institutional investors own 66.20% of the company's stock.

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.

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