Piper Sandler Increases Tesla (NASDAQ:TSLA) Price Target to $300.00

Tesla (NASDAQ:TSLA) had its target price raised by stock analysts at Piper Sandler from $205.00 to $300.00 in a research note issued on Wednesday, MarketBeat.com reports. The brokerage currently has an “overweight” rating on the electric vehicle producer’s stock. Piper Sandler’s target price would suggest a potential upside of 36.21% from the company’s current price.

Several other analysts have also recently issued reports on the company. Guggenheim reissued a “sell” rating and issued a $134.00 target price on shares of Tesla in a research note on Tuesday. JPMorgan Chase & Co. reduced their target price on Tesla from $130.00 to $115.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 3rd. Bank of America raised Tesla from a “neutral” rating to a “buy” rating and set a $220.00 price target for the company in a research note on Wednesday, April 24th. Robert W. Baird restated an “outperform” rating and issued a $280.00 price objective on shares of Tesla in a report on Tuesday, July 16th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating and set a $120.00 target price on shares of Tesla in a research note on Monday, June 10th. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus price target of $201.75.

Tesla Stock Performance

Shares of TSLA stock opened at $220.25 on Wednesday. The company has a market capitalization of $702.42 billion, a P/E ratio of 56.19, a PEG ratio of 6.15 and a beta of 2.31. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $278.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.17 and a current ratio of 1.72. The stock has a 50 day moving average price of $204.83 and a two-hundred day moving average price of $191.38.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 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 10.68%. The firm had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same quarter in the prior year, the company earned $0.78 earnings per share. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts expect that Tesla will post 1.85 earnings per share for the current year.

Insider Activity at Tesla

In other news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction on 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 transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Xiaotong Zhu sold 650 shares of the business’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 transaction of $113,236.50. Following the completion of the sale, the senior vice president now directly owns 65,155 shares in the company, valued at $11,350,652.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on 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 disclosure for this sale can be found here. 25.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Tesla

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Tesla by 1.7% during the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after purchasing an additional 3,795,748 shares during the period. Norges Bank bought a new position in shares of Tesla during the 4th quarter valued at approximately $7,844,757,000. Charles Schwab Investment Management Inc. increased its holdings in Tesla by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 15,155,878 shares of the electric vehicle producer’s stock worth $3,765,933,000 after acquiring an additional 458,804 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Tesla by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after acquiring an additional 1,125,329 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in Tesla by 25,990.7% during the fourth quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock valued at $1,541,273,000 after purchasing an additional 6,179,032 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

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.