Tesla (NASDAQ:TSLA) Price Target Raised to $248.00 at The Goldman Sachs Group

Tesla (NASDAQ:TSLA) had its price target boosted by analysts at The Goldman Sachs Group from $175.00 to $248.00 in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage currently has a “neutral” rating on the electric vehicle producer’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 2.89% from the company’s current price.

Several other equities analysts have also recently commented on TSLA. Barclays cut their target price on shares of Tesla from $225.00 to $180.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Truist Financial reiterated a “hold” rating and issued a $162.00 target price on shares of Tesla in a research note on Wednesday, July 3rd. Piper Sandler restated an “overweight” rating and set a $205.00 price target on shares of Tesla in a research note on Monday, April 22nd. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 price objective on shares of Tesla in a research report on Thursday, June 20th. Finally, Citigroup restated a “neutral” rating on shares of Tesla in a research note on Wednesday, June 12th. Seven research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $195.39.

Tesla Stock Down 8.4 %

Tesla stock opened at $241.03 on Wednesday. The firm has a market cap of $768.69 billion, a price-to-earnings ratio of 61.49, a P/E/G ratio of 6.27 and a beta of 2.31. The firm has a fifty day moving average price of $191.41 and a two-hundred day moving average price of $191.76. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $299.29. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.17.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. The firm had revenue of $21.30 billion during the quarter, compared to the consensus estimate of $22.15 billion. Tesla had a return on equity of 13.18% and a net margin of 14.37%. As a group, analysts forecast that Tesla will post 1.86 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction on Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the transaction, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following 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. 20.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TSLA. Norges Bank purchased a new stake in shares of Tesla during the fourth quarter valued at $7,844,757,000. International Assets Investment Management LLC increased its stake in shares of Tesla by 25,990.7% in the 4th quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock worth $1,541,273,000 after acquiring an additional 6,179,032 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Tesla by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after purchasing an additional 3,866,361 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Tesla by 2,101.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock worth $365,064,000 after purchasing an additional 1,402,443 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Tesla by 12.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after purchasing an additional 1,125,329 shares during the last quarter. 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.