Wedbush Reaffirms “Hold” Rating for Tesla (TSLA)

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Wedbush reiterated their hold rating on shares of Tesla (NASDAQ:TSLA) in a research note released on Sunday, AnalystRatings.com reports. They currently have a $275.00 target price on the electric vehicle producer’s stock.

Several other equities research analysts have also recently issued reports on the company. Jefferies Financial Group reiterated a buy rating and issued a $450.00 price objective on shares of Tesla in a report on Wednesday, March 27th. Oppenheimer lifted their price objective on Tesla from $418.00 to $437.00 and gave the stock an outperform rating in a report on Thursday, January 31st. Berenberg Bank set a $500.00 price objective on Tesla and gave the stock a buy rating in a report on Friday, March 1st. Canaccord Genuity upgraded Tesla from a hold rating to a buy rating and lifted their price objective for the stock from $330.00 to $450.00 in a report on Monday, February 11th. Finally, Goldman Sachs Group reiterated a sell rating and issued a $225.00 price objective on shares of Tesla in a report on Tuesday, January 22nd. Seventeen equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. Tesla has a consensus rating of Hold and a consensus target price of $304.65.

Shares of Tesla stock opened at $244.84 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.83 and a debt-to-equity ratio of 1.79. Tesla has a twelve month low of $231.13 and a twelve month high of $387.46. The stock has a market capitalization of $44.30 billion, a P/E ratio of -42.80 and a beta of 0.27.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, April 24th. The electric vehicle producer reported ($4.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.51) by ($1.59). Tesla had a negative net margin of 4.29% and a negative return on equity of 18.23%. The business had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the prior year, the firm earned ($3.35) EPS. Tesla’s revenue for the quarter was up 33.2% on a year-over-year basis. Analysts forecast that Tesla will post -4.64 earnings per share for the current fiscal year.

In other news, Director Antonio J. Gracias sold 16,780 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $285.46, for a total transaction of $4,790,018.80. Following the transaction, the director now directly owns 16,792 shares in the company, valued at approximately $4,793,444.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jeffrey B. Straubel sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $239.08, for a total value of $3,586,200.00. Following the transaction, the insider now owns 321,398 shares in the company, valued at $76,839,833.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,340 shares of company stock worth $26,907,754. Insiders own 22.80% of the company’s stock.

Several institutional investors have recently modified their holdings of TSLA. Norges Bank acquired a new position in shares of Tesla during the 4th quarter worth approximately $470,949,000. Jennison Associates LLC boosted its holdings in shares of Tesla by 10.5% during the 4th quarter. Jennison Associates LLC now owns 5,322,358 shares of the electric vehicle producer’s stock worth $1,771,281,000 after purchasing an additional 505,076 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Tesla by 200.7% during the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 481,122 shares of the electric vehicle producer’s stock valued at $134,646,000 after buying an additional 321,112 shares during the period. Optimus Prime Fund Management Co. Ltd. purchased a new stake in shares of Tesla during the 4th quarter valued at approximately $79,472,000. Finally, Toronto Dominion Bank raised its position in shares of Tesla by 782.3% during the 1st quarter. Toronto Dominion Bank now owns 178,392 shares of the electric vehicle producer’s stock valued at $49,923,000 after buying an additional 158,172 shares during the period. Institutional investors and hedge funds own 59.41% of the company’s stock.

About Tesla

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

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