Wolfe Research Increases Tesla (TSLA) Price Target to $430.00

Tesla (NASDAQ:TSLA) had its price target lifted by research analysts at Wolfe Research from $410.00 to $430.00 in a note issued to investors on Thursday, The Fly reports. The firm currently has an “outperform” rating on the electric vehicle producer’s stock. Wolfe Research’s target price points to a potential upside of 20.12% from the company’s previous close.

A number of other brokerages have also issued reports on TSLA. Jefferies Financial Group raised their price target on Tesla from $250.00 to $360.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 8th. Berenberg Bank reissued a “buy” rating and set a $500.00 price target on shares of Tesla in a research note on Wednesday, August 8th. Needham & Company LLC reissued a “sell” rating on shares of Tesla in a research note on Wednesday, August 8th. Sanford C. Bernstein reissued a “neutral” rating and set a $265.00 price target on shares of Tesla in a research note on Wednesday, August 8th. Finally, JPMorgan Chase & Co. reissued a “sell” rating and set a $308.00 price target on shares of Tesla in a research note on Wednesday, August 8th. Twelve investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Tesla has an average rating of “Hold” and an average target price of $320.85.

NASDAQ:TSLA opened at $357.97 on Thursday. Tesla has a 1 year low of $244.59 and a 1 year high of $387.46. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.47 and a current ratio of 0.81.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 24th. The electric vehicle producer reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.77) by $4.67. Tesla had a negative return on equity of 34.27% and a negative net margin of 10.22%. The business had revenue of $6.82 billion during the quarter, compared to analyst estimates of $5.67 billion. As a group, sell-side analysts predict that Tesla will post -5.09 EPS for the current fiscal year.

In other Tesla news, insider Jerome M. Guillen sold 1,000 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $306.00, for a total transaction of $306,000.00. Following the transaction, the insider now directly owns 8,598 shares in the company, valued at approximately $2,630,988. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kimbal Musk sold 1,875 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $306.00, for a total value of $573,750.00. Following the transaction, the director now owns 150,208 shares in the company, valued at $45,963,648. The disclosure for this sale can be found here. Insiders have sold a total of 26,375 shares of company stock worth $9,029,040 over the last 90 days. 22.80% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its holdings in shares of Tesla by 3.5% in the 1st quarter. Principal Financial Group Inc. now owns 7,147 shares of the electric vehicle producer’s stock valued at $1,902,000 after acquiring an additional 244 shares during the period. Cornerstone Wealth Management LLC purchased a new position in shares of Tesla in the 2nd quarter valued at $308,000. Alps Advisors Inc. purchased a new position in shares of Tesla in the 2nd quarter valued at $385,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Tesla in the 2nd quarter valued at $221,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Tesla in the 2nd quarter valued at $225,000. Institutional investors own 59.50% of the company’s stock.

About Tesla

Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The firm operates through Automotive, and Energy Generation and Storage segments.

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