Tesla (NASDAQ:TSLA) Earns “Underperform” Rating from Sanford C. Bernstein

Sanford C. Bernstein restated their underperform rating on shares of Tesla (NASDAQ:TSLA) in a research note issued to investors on Thursday, Benzinga reports. They currently have a $120.00 price target on the electric vehicle producer’s stock.

A number of other brokerages also recently issued reports on TSLA. Piper Sandler raised their target price on Tesla from $300.00 to $310.00 and gave the stock an overweight rating in a research note on Wednesday, September 25th. UBS Group lowered shares of Tesla from a neutral rating to a sell rating and lifted their price target for the company from $147.00 to $197.00 in a research report on Friday, July 12th. Oppenheimer reissued a market perform rating on shares of Tesla in a research note on Tuesday, July 9th. Glj Research reaffirmed a sell rating and issued a $24.86 price target on shares of Tesla in a research note on Thursday, September 26th. Finally, Truist Financial reissued a hold rating and set a $215.00 price objective on shares of Tesla in a research report on Wednesday, August 14th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $210.54.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $250.08 on Thursday. The stock has a market capitalization of $798.92 billion, a price-to-earnings ratio of 63.80, a price-to-earnings-growth ratio of 6.79 and a beta of 2.29. Tesla has a 52 week low of $138.80 and a 52 week high of $271.00. The firm has a 50-day simple moving average of $224.00 and a 200-day simple moving average of $201.60. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. During the same period last year, the business earned $0.78 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities analysts predict that Tesla will post 1.74 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,661 shares of company stock valued at $16,663,291 over the last quarter. 25.10% of the stock is owned by insiders.

Institutional Trading of Tesla

A number of hedge funds and other institutional investors have recently made changes to their positions in TSLA. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Tesla by 60.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock worth $108,638,000 after buying an additional 206,248 shares during the period. Morse Asset Management Inc increased its holdings in shares of Tesla by 138.1% in the 2nd quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock valued at $1,181,000 after acquiring an additional 3,462 shares during the period. Newbridge Financial Services Group Inc. raised its position in Tesla by 7.4% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 28,222 shares of the electric vehicle producer’s stock valued at $7,013,000 after purchasing an additional 1,943 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Tesla by 12.9% during the 2nd quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer’s stock worth $46,858,000 after purchasing an additional 27,130 shares during the period. Finally, Entropy Technologies LP purchased a new position in Tesla during the 1st quarter worth $1,941,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

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.