Tesla (NASDAQ:TSLA) Price Target Raised to $500.00 at CICC Research

Tesla (NASDAQ:TSLA) had its price target increased by CICC Research from $450.00 to $500.00 in a research note released on Thursday,MarketScreener reports. They currently have an outperform rating on the electric vehicle producer’s stock.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. raised their target price on Tesla from $115.00 to $150.00 in a research report on Friday, October 3rd. Truist Financial raised their price objective on shares of Tesla from $280.00 to $406.00 and gave the stock a “hold” rating in a report on Thursday, October 23rd. Morgan Stanley set a $425.00 price objective on shares of Tesla and gave the stock an “equal weight” rating in a research report on Sunday, December 7th. Industrial Alliance Securities set a $300.00 target price on shares of Tesla in a research report on Monday, October 13th. Finally, Barclays reiterated a “neutral” rating and set a $350.00 price target on shares of Tesla in a research note on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, fourteen have assigned a Hold rating and nine have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $402.25.

Tesla Trading Up 3.4%

Shares of NASDAQ:TSLA opened at $483.37 on Thursday. The company has a market cap of $1.61 trillion, a PE ratio of 322.25, a P/E/G ratio of 11.68 and a beta of 1.87. The company’s 50 day moving average is $438.62 and its two-hundred day moving average is $379.59. Tesla has a 52 week low of $214.25 and a 52 week high of $495.28. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last issued its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 earnings per share. Equities analysts predict that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, Director Kimbal Musk sold 56,820 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $450.66, for a total value of $25,606,501.20. Following the completion of the sale, the director owned 1,391,615 shares in the company, valued at approximately $627,145,215.90. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 2,637 shares of Tesla stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $443.93, for a total transaction of $1,170,643.41. Following the completion of the sale, the chief financial officer directly owned 13,757 shares in the company, valued at approximately $6,107,145.01. The trade was a 16.09% decrease in their position. The SEC filing for this sale provides additional information. 19.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tesla

Hedge funds have recently added to or reduced their stakes in the company. Chapman Financial Group LLC purchased a new position in Tesla in the second quarter valued at about $26,000. Chelsea Counsel Co. increased its position in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. LGT Financial Advisors LLC acquired a new position in Tesla in the second quarter valued at $29,000. Manning & Napier Advisors LLC acquired a new stake in Tesla during the 3rd quarter worth approximately $29,000. Finally, CoreFirst Bank & Trust acquired a new position in shares of Tesla during the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Company Profile

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.