Tesla’s (TSLA) Outperform Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada restated their outperform rating on shares of Tesla (NASDAQ:TSLA) in a research report released on Thursday, Marketbeat.com reports. Royal Bank Of Canada currently has a $500.00 price objective on the electric vehicle producer’s stock.

TSLA has been the topic of a number of other research reports. Piper Sandler lifted their price target on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Wedbush reaffirmed an “outperform” rating and issued a $600.00 price target on shares of Tesla in a research note on Monday, October 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tesla in a research note on Wednesday, October 8th. HSBC lifted their price target on shares of Tesla from $120.00 to $127.00 in a research note on Monday, September 29th. Finally, Daiwa Capital Markets reiterated a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, twelve have issued a Hold rating and eleven have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $381.70.

Tesla Stock Down 3.4%

Tesla stock opened at $433.72 on Thursday. The company’s 50 day simple moving average is $398.06 and its 200 day simple moving average is $340.74. Tesla has a fifty-two week low of $214.25 and a fifty-two week high of $488.54. The firm has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 289.15, a PEG ratio of 15.59 and a beta of 2.08. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same quarter in the previous year, the firm posted $0.72 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Tesla will post 2.56 EPS for the current year.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Monday, September 8th. The shares were 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 in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James R. Murdoch sold 120,000 shares of the business’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,606 shares of company stock worth $75,588,902. Insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Tesla by 1.8% in the second quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer’s stock valued at $79,856,764,000 after purchasing an additional 4,502,976 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Tesla by 2.0% in the second quarter. Geode Capital Management LLC now owns 64,767,993 shares of the electric vehicle producer’s stock valued at $20,480,477,000 after purchasing an additional 1,269,304 shares during the last quarter. Norges Bank acquired a new position in shares of Tesla in the second quarter valued at $11,839,824,000. Goldman Sachs Group Inc. increased its holdings in shares of Tesla by 322.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock valued at $6,891,201,000 after purchasing an additional 20,291,139 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Tesla by 5.9% in the second quarter. Legal & General Group Plc now owns 20,225,098 shares of the electric vehicle producer’s stock valued at $6,424,705,000 after purchasing an additional 1,134,678 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.