Truist Financial Reaffirms “Hold” Rating for Tesla (NASDAQ:TSLA)

Tesla (NASDAQ:TSLA)‘s stock had its “hold” rating reiterated by Truist Financial in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $360.00 target price on the electric vehicle producer’s stock. Truist Financial’s price target indicates a potential downside of 12.29% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. Glj Research reaffirmed a “sell” rating and issued a $24.86 target price on shares of Tesla in a report on Thursday, October 17th. Canaccord Genuity Group upped their price objective on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Cantor Fitzgerald lifted their target price on shares of Tesla from $255.00 to $365.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Roth Mkm upgraded shares of Tesla from a “neutral” rating to a “buy” rating and upped their price target for the company from $85.00 to $380.00 in a research report on Monday, December 2nd. Finally, UBS Group lifted their price target on shares of Tesla from $197.00 to $226.00 and gave the stock a “sell” rating in a report on Monday, November 25th. Nine equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $283.39.

Tesla Stock Performance

NASDAQ:TSLA opened at $410.44 on Thursday. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.32 trillion, a PE ratio of 112.45, a price-to-earnings-growth ratio of 10.80 and a beta of 2.36. Tesla has a twelve month low of $138.80 and a twelve month high of $488.54. The stock’s 50-day simple moving average is $359.54 and its 200 day simple moving average is $271.59.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 EPS. On average, analysts anticipate that Tesla will post 1.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. The trade was a 3.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $251.76, for a total value of $1,007,040.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,442,856.32. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 514,886 shares of company stock worth $169,393,831. Insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Several institutional investors and hedge funds have recently made changes to their positions in the company. Valley Wealth Managers Inc. purchased a new stake in Tesla in the 2nd quarter valued at about $26,000. Abich Financial Wealth Management LLC grew its holdings in shares of Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Tesla during the third quarter valued at approximately $29,000. Clean Yield Group boosted its position in Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares during the last quarter. Finally, Peterson Financial Group Inc. bought a new position in Tesla in the 3rd quarter valued at $35,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

About Tesla

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.