Tesla’s (TSLA) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Tesla (NASDAQ:TSLAFree Report) in a research note published on Thursday morning, Benzinga reports.

A number of other research firms have also weighed in on TSLA. Canaccord Genuity Group raised their target price on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday. Argus reiterated a “buy” rating and issued a $286.00 target price on shares of Tesla in a research note on Friday, July 26th. Glj Research reissued a “sell” rating and set a $24.86 price target on shares of Tesla in a research report on Thursday, October 17th. Wedbush reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Tesla in a research report on Wednesday, July 24th. Finally, Wolfe Research initiated coverage on shares of Tesla in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Eight equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $219.00.

View Our Latest Research Report on TSLA

Tesla Stock Performance

NASDAQ TSLA opened at $269.19 on Thursday. The company has a market cap of $858.50 billion, a P/E ratio of 68.67, a PEG ratio of 6.24 and a beta of 2.29. The company has a fifty day simple moving average of $230.53 and a 200 day simple moving average of $207.45. The company has a current ratio of 1.91, a quick ratio of 1.40 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.

Tesla (NASDAQ:TSLAGet Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same period last year, the company earned $0.53 earnings per share. The business’s revenue was up 7.8% on a year-over-year basis. Sell-side analysts predict that Tesla will post 1.75 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other news, 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 transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, 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 disclosure for this sale can be found here. Insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Tesla by 60.2% in 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 acquiring an additional 206,248 shares in the last quarter. Morse Asset Management Inc boosted 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 worth $1,181,000 after purchasing an additional 3,462 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Tesla by 12.9% during the 2nd quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer’s stock valued at $46,858,000 after purchasing an additional 27,130 shares during the last quarter. Entropy Technologies LP bought a new stake in Tesla in the 1st quarter worth approximately $1,941,000. Finally, Future Financial Wealth Managment LLC bought a new position in Tesla during the first quarter valued at approximately $79,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

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.

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