Tesla’s (TSLA) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Tesla (NASDAQ:TSLA) in a report issued on Monday, Benzinga reports. The brokerage currently has a $300.00 target price on the electric vehicle producer’s stock.

Other research analysts have also issued reports about the stock. Argus reaffirmed a buy rating and issued a $286.00 price target on shares of Tesla in a report on Friday, July 26th. Glj Research raised their target price on shares of Tesla from $22.86 to $24.86 and gave the stock a sell rating in a report on Tuesday, July 23rd. Cantor Fitzgerald reaffirmed a neutral rating and set a $245.00 target price on shares of Tesla in a report on Friday, August 16th. Needham & Company LLC reissued a hold rating on shares of Tesla in a report on Wednesday, July 24th. Finally, UBS Group downgraded Tesla from a neutral rating to a sell rating and upped their price objective for the stock from $147.00 to $197.00 in a research note on Friday, July 12th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $204.21.

Tesla Price Performance

TSLA stock opened at $210.66 on Monday. The company has a market capitalization of $672.98 billion, a PE ratio of 53.74, a P/E/G ratio of 5.60 and a beta of 2.31. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average is $218.62 and its two-hundred day moving average is $191.82. Tesla has a 52-week low of $138.80 and a 52-week high of $278.98.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The company had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 earnings per share. Analysts predict that Tesla will post 1.79 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction 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 sale, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The disclosure for this sale can be found here. Insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several institutional investors and hedge funds have recently added to or reduced their stakes in TSLA. Integris Wealth Management LLC grew its holdings in shares of Tesla by 1.0% during the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after buying an additional 42 shares in the last quarter. Echo Wealth Management LLC boosted its position in Tesla by 0.7% during the 2nd quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after acquiring an additional 44 shares during the period. WASHINGTON TRUST Co increased its holdings in shares of Tesla by 3.2% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after purchasing an additional 45 shares during the period. Bellevue Asset Management LLC lifted its position in shares of Tesla by 1.6% in the second quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock worth $568,000 after purchasing an additional 45 shares in the last quarter. Finally, Cypress Capital Group boosted its holdings in shares of Tesla by 1.7% during the second quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock worth $555,000 after purchasing an additional 47 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

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.