Tesla (NASDAQ:TSLA) Upgraded to Buy by China Renaissance

China Renaissance upgraded shares of Tesla (NASDAQ:TSLAFree Report) from a hold rating to a buy rating in a research note published on Friday morning, Marketbeat Ratings reports. China Renaissance currently has $290.00 target price on the electric vehicle producer’s stock.

Several other brokerages have also recently commented on TSLA. Deutsche Bank Aktiengesellschaft upped their target price on shares of Tesla from $123.00 to $136.00 and gave the company a hold rating in a research report on Thursday, April 25th. Guggenheim increased their target price on Tesla from $126.00 to $134.00 and gave the company a sell rating in a research note on Wednesday. TD Cowen boosted their target price on Tesla from $160.00 to $180.00 and gave the stock a hold rating in a research report on Wednesday. JPMorgan Chase & Co. cut their price target on shares of Tesla from $130.00 to $115.00 and set an underweight rating on the stock in a research report on Wednesday, April 3rd. Finally, Wells Fargo & Company restated an underweight rating and set a $120.00 price objective on shares of Tesla in a report on Monday, July 1st. Seven analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average price target of $192.71.

Get Our Latest Stock Analysis on Tesla

Tesla Trading Up 2.1 %

Shares of TSLA opened at $251.52 on Friday. The stock’s fifty day simple moving average is $185.76 and its 200-day simple moving average is $191.70. The firm has a market capitalization of $802.15 billion, a PE ratio of 64.16, a price-to-earnings-growth ratio of 6.11 and a beta of 2.31. Tesla has a 12-month low of $138.80 and a 12-month high of $299.29. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

Tesla (NASDAQ:TSLAGet Free Report) last released its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The company had revenue of $21.30 billion for the quarter, compared to the consensus estimate of $22.15 billion. As a group, research analysts predict that Tesla will post 1.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $2,772,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares in the company, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. Insiders own 20.90% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Daymark Wealth Partners LLC raised its holdings in Tesla by 0.4% in the 4th quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer’s stock valued at $2,622,000 after acquiring an additional 45 shares during the period. Cravens & Co Advisors LLC boosted its stake in Tesla by 1.2% in the 3rd quarter. Cravens & Co Advisors LLC now owns 4,095 shares of the electric vehicle producer’s stock valued at $1,025,000 after purchasing an additional 48 shares during the period. Patten & Patten Inc. TN grew its holdings in Tesla by 1.1% in the 4th quarter. Patten & Patten Inc. TN now owns 4,601 shares of the electric vehicle producer’s stock valued at $1,143,000 after buying an additional 48 shares in the last quarter. Caerus Investment Advisors LLC lifted its holdings in shares of Tesla by 0.3% during the fourth quarter. Caerus Investment Advisors LLC now owns 14,395 shares of the electric vehicle producer’s stock worth $3,577,000 after buying an additional 49 shares in the last quarter. Finally, Salvus Wealth Management LLC grew its position in shares of Tesla by 3.2% during the 4th quarter. Salvus Wealth Management LLC now owns 1,617 shares of the electric vehicle producer’s stock worth $402,000 after purchasing an additional 50 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Tesla Company Profile

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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.

Further Reading

Analyst Recommendations for Tesla (NASDAQ:TSLA)

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