Citigroup raises price target for Tesla

Tesla (NASDAQ:TSLA) had its target price upped by Citigroup from $110.00 to $117.00 in a report released on Tuesday morning, The Fly reports. Citigroup currently has a sell rating on the electric vehicle producer’s stock.

TSLA has been the subject of a number of other research reports. New Street Research raised shares of Tesla from a neutral rating to a buy rating and set a $578.00 target price for the company in a research note on Thursday, October 8th. Roth Capital upgraded shares of Tesla from a sell rating to a neutral rating and boosted their price target for the stock from $70.00 to $150.00 in a research report on Monday, July 13th. Bank of America upgraded shares of Tesla from an underperform rating to a neutral rating in a research report on Friday, August 14th. Jefferies Financial Group restated a buy rating on shares of Tesla in a research report on Monday, August 31st. Finally, BofA Securities upgraded shares of Tesla from an underperform rating to a neutral rating in a research report on Friday, August 14th. Ten analysts have rated the stock with a sell rating, sixteen have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $218.40.

Shares of TSLA opened at $446.65 on Tuesday. The company has a market cap of $413.98 billion, a price-to-earnings ratio of 1,163.15, a price-to-earnings-growth ratio of 15.47 and a beta of 1.63. Tesla has a twelve month low of $49.43 and a twelve month high of $502.49. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.98. The company has a 50 day moving average of $420.71 and a two-hundred day moving average of $261.15.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, July 22nd. The electric vehicle producer reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.47) by $0.91. Tesla had a net margin of 1.43% and a return on equity of 4.19%. The company had revenue of $6.04 billion during the quarter, compared to the consensus estimate of $4.96 billion. During the same period last year, the firm earned ($0.22) earnings per share. On average, sell-side analysts expect that Tesla will post 0.69 EPS for the current year.
In related news, CAO Vaibhav Taneja sold 4,404 shares of the firm’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $425.17, for a total value of $1,872,448.68. Following the transaction, the chief accounting officer now owns 19,203 shares in the company, valued at $8,164,539.51. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Zachary Kirkhorn sold 250 shares of the firm’s stock in a transaction dated Friday, July 17th. The shares were sold at an average price of $1,513.45, for a total value of $378,362.50. Following the completion of the transaction, the chief financial officer now owns 11,581 shares in the company, valued at approximately $17,527,264.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,008 shares of company stock worth $79,505,133. 23.00% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of TSLA. Capstone Financial Group Inc. bought a new position in Tesla during the second quarter worth about $25,000. City Holding Co. acquired a new stake in Tesla in the 3rd quarter valued at approximately $26,000. Prestige Wealth Management Group LLC acquired a new stake in Tesla in the 1st quarter valued at approximately $31,000. Lake Point Wealth Management raised its position in Tesla by 154.2% in the 1st quarter. Lake Point Wealth Management now owns 61 shares of the electric vehicle producer’s stock valued at $32,000 after buying an additional 37 shares during the last quarter. Finally, Danda Trouve Investment Management Inc. raised its position in Tesla by 76.5% in the 2nd quarter. Danda Trouve Investment Management Inc. now owns 30 shares of the electric vehicle producer’s stock valued at $32,000 after buying an additional 13 shares during the last quarter. Hedge funds and other institutional investors own 48.22% of the company’s stock.

Tesla Company Profile

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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