Piper Sandler Raises Tesla (NASDAQ:TSLA) Price Target to $300.00

Tesla (NASDAQ:TSLA) had its price objective lifted by Piper Sandler from $205.00 to $300.00 in a report released on Wednesday morning, MarketBeat reports. They currently have an overweight rating on the electric vehicle producer’s stock.

TSLA has been the topic of a number of other research reports. Sanford C. Bernstein reiterated an underperform rating and issued a $120.00 target price on shares of Tesla in a report on Monday, June 10th. Morgan Stanley reiterated an overweight rating and issued a $310.00 target price on shares of Tesla in a report on Thursday, July 18th. TD Cowen lifted their target price on Tesla from $160.00 to $180.00 and gave the company a hold rating in a report on Wednesday, July 3rd. Wedbush reiterated an outperform rating and issued a $300.00 target price on shares of Tesla in a report on Thursday, July 11th. Finally, Mizuho lifted their target price on Tesla from $180.00 to $230.00 and gave the company a neutral rating in a report on Friday, July 12th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Tesla has a consensus rating of Hold and an average target price of $204.30.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $219.80 on Wednesday. The company has a market cap of $702.18 billion, a P/E ratio of 56.07, a P/E/G ratio of 5.50 and a beta of 2.31. The company has a quick ratio of 1.17, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. Tesla has a 52 week low of $138.80 and a 52 week high of $278.98. The business has a fifty day simple moving average of $205.68 and a 200-day simple moving average of $191.23.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. Tesla’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 EPS. Equities research analysts forecast that Tesla will post 1.85 EPS for the current year.

Insider Activity

In other news, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lam Group Inc. bought a new position in Tesla in the 4th quarter worth approximately $25,000. Bank & Trust Co bought a new position in Tesla in the 2nd quarter worth approximately $25,000. Mendota Financial Group LLC lifted its position in Tesla by 202.2% in the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after purchasing an additional 91 shares during the period. OLD Point Trust & Financial Services N A acquired a new stake in Tesla in the fourth quarter worth approximately $37,000. Finally, Kessler Investment Group LLC lifted its position in Tesla by 35.9% in the second quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after purchasing an additional 51 shares during the period. 66.20% of the stock is owned by institutional investors.

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.