Tesla’s (TSLA) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Tesla (NASDAQ:TSLA) in a report issued on Wednesday, Benzinga reports. They currently have a $224.00 price objective on the electric vehicle producer’s stock.

Other research analysts have also recently issued reports about the company. KGI Securities reaffirmed a neutral rating and issued a $236.00 price target on shares of Tesla in a report on Thursday, July 25th. Glj Research reissued a sell rating and set a $24.86 price objective on shares of Tesla in a report on Thursday, September 5th. Oppenheimer reissued a market perform rating on shares of Tesla in a report on Tuesday, July 9th. Sanford C. Bernstein reissued an underperform rating and set a $120.00 price objective on shares of Tesla in a report on Monday, June 10th. Finally, Truist Financial reissued a hold rating and set a $215.00 price objective on shares of Tesla in a report on Wednesday, August 14th. Nine investment 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. Based on data from MarketBeat, Tesla currently has an average rating of Hold and an average price target of $209.90.

Tesla Stock Performance

Tesla stock opened at $260.46 on Wednesday. The stock has a 50-day simple moving average of $221.89 and a 200 day simple moving average of $198.53. 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 has a 12-month low of $138.80 and a 12-month high of $271.00. The stock has a market capitalization of $832.08 billion, a price-to-earnings ratio of 66.44, a P/E/G ratio of 6.92 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same period in the prior year, the firm earned $0.78 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, research analysts anticipate that Tesla will post 1.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. The disclosure for this sale can be found here. Insiders sold a total of 74,661 shares of company stock valued at $16,663,291 in the last quarter. 25.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tesla

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Tesla by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after acquiring an additional 3,795,748 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Tesla by 12.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after acquiring an additional 1,125,329 shares during the period. Strategic Financial Concepts LLC raised its stake in Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after acquiring an additional 5,875,484 shares during the period. ARK Investment Management LLC raised its stake in Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after acquiring an additional 135,966 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Tesla by 9.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,959,699 shares of the electric vehicle producer’s stock valued at $981,443,000 after acquiring an additional 412,872 shares during the period. Institutional investors 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.