Needham & Company LLC Reiterates Hold Rating for Tesla (NASDAQ:TSLA)

Tesla (NASDAQ:TSLA)‘s stock had its “hold” rating restated by stock analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports.

Other equities research analysts also recently issued research reports about the company. Truist Financial raised their price target on Tesla from $280.00 to $406.00 and gave the company a “hold” rating in a report on Thursday. Barclays reaffirmed a “negative” rating and issued a $350.00 price target (up previously from $275.00) on shares of Tesla in a research note on Thursday, October 16th. Evercore ISI boosted their price target on Tesla from $235.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, October 13th. Royal Bank Of Canada boosted their price target on Tesla from $325.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Finally, Melius Research set a $520.00 target price on Tesla and gave the stock a “buy” rating in a research note on Monday, October 13th. 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $366.73.

Tesla Stock Performance

Shares of TSLA opened at $438.97 on Thursday. 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 has a twelve month low of $212.11 and a twelve month high of $488.54. The firm’s 50 day moving average price is $393.73 and its two-hundred day moving average price is $336.97. The firm has a market cap of $1.46 trillion, a P/E ratio of 253.74, a PEG ratio of 15.91 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. The company had revenue of $28.10 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the business earned $0.72 EPS. On average, analysts forecast that Tesla will post 2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on 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 $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 202,606 shares of company stock worth $75,588,902. Corporate insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Tesla

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

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.