Tesla (NASDAQ:TSLA) Stock Price Expected to Rise, TD Cowen Analyst Says

Tesla (NASDAQ:TSLA) had its target price raised by equities researchers at TD Cowen from $374.00 to $509.00 in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the electric vehicle producer’s stock. TD Cowen’s price target points to a potential upside of 23.10% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Daiwa Capital Markets reiterated a “neutral” rating on shares of Tesla in a research note on Sunday, July 27th. JPMorgan Chase & Co. increased their target price on shares of Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Thursday, July 24th. Royal Bank Of Canada restated a “buy” rating on shares of Tesla in a research report on Friday, September 26th. Finally, Morgan Stanley restated an “overweight” rating and issued a $410.00 price objective on shares of Tesla in a research report on Thursday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have issued a Hold rating and eight have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $354.67.

Tesla Stock Performance

Shares of Tesla stock opened at $413.49 on Thursday. Tesla has a 12 month low of $212.11 and a 12 month high of $488.54. The stock has a market capitalization of $1.37 trillion, a price-to-earnings ratio of 239.01, a PEG ratio of 15.81 and a beta of 2.08. The firm’s fifty day simple moving average is $375.97 and its 200-day simple moving average is $327.51. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the company posted $0.52 EPS. Tesla’s quarterly revenue was down 11.8% on a year-over-year basis. As a group, equities analysts forecast that Tesla will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $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. Over the last three months, insiders sold 202,606 shares of company stock valued at $75,588,902. Corporate insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TSLA. Norges Bank purchased a new position in shares of Tesla during the 2nd quarter worth approximately $11,839,824,000. Goldman Sachs Group Inc. increased its stake in shares of Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock worth $6,891,201,000 after purchasing an additional 20,291,139 shares in the last quarter. Nuveen LLC purchased a new position in shares of Tesla during the 1st quarter worth approximately $3,247,619,000. Kingstone Capital Partners Texas LLC increased its stake in shares of Tesla by 581,880.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock worth $2,044,683,000 after purchasing an additional 6,435,598 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Tesla by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer’s stock worth $79,856,764,000 after purchasing an additional 4,502,976 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other 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.