Citigroup Upgrades Tesla (NASDAQ:TSLA) to “Neutral”

Tesla (NASDAQ:TSLAGet Rating) was upgraded by research analysts at Citigroup from a “sell” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $176.00 target price on the electric vehicle producer’s stock, up from their previous target price of $141.33. Citigroup’s price target indicates a potential downside of 3.93% from the stock’s current price.

TSLA has been the topic of several other research reports. Royal Bank of Canada lowered their price objective on shares of Tesla from $340.00 to $325.00 and set an “outperform” rating on the stock in a research report on Thursday, October 20th. Piper Sandler lowered their price objective on shares of Tesla from $360.00 to $340.00 and set an “overweight” rating on the stock in a research report on Thursday, September 29th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Tesla from $390.00 to $355.00 and set a “buy” rating on the stock in a research report on Thursday, October 20th. Needham & Company LLC raised shares of Tesla from an “underperform” rating to a “hold” rating in a research report on Thursday, September 15th. Finally, Daiwa Capital Markets lowered their price objective on shares of Tesla to $240.00 in a research report on Thursday, October 27th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, Tesla has a consensus rating of “Hold” and a consensus target price of $278.43.

Tesla Price Performance

TSLA stock opened at $183.20 on Wednesday. The company has a fifty day moving average price of $228.89 and a 200-day moving average price of $248.87. The company has a market capitalization of $578.50 billion, a P/E ratio of 56.60, a PEG ratio of 1.50 and a beta of 1.97. Tesla has a 52-week low of $166.18 and a 52-week high of $402.67. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.46.

Tesla (NASDAQ:TSLAGet Rating) last released its quarterly earnings results on Wednesday, October 19th. The electric vehicle producer reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.14. Tesla had a net margin of 14.95% and a return on equity of 31.10%. The business had revenue of $21.45 billion for the quarter, compared to analysts’ expectations of $21.96 billion. During the same period in the previous year, the company earned $0.48 earnings per share. The firm’s revenue for the quarter was up 55.9% compared to the same quarter last year. As a group, equities analysts expect that Tesla will post 3.61 EPS for the current year.

Insider Activity

In other news, CFO Zachary Kirkhorn sold 3,750 shares of the company’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $300.59, for a total value of $1,127,212.50. Following the completion of the sale, the chief financial officer now owns 192,777 shares of the company’s stock, valued at approximately $57,946,838.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Tesla news, Director Kathleen Wilson-Thompson sold 26,250 shares of the stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $278.93, for a total transaction of $7,321,912.50. Following the completion of the sale, the director now owns 5,400 shares of the company’s stock, valued at approximately $1,506,222. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Zachary Kirkhorn sold 3,750 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $300.59, for a total transaction of $1,127,212.50. Following the sale, the chief financial officer now directly owns 192,777 shares of the company’s stock, valued at approximately $57,946,838.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,119,001 shares of company stock valued at $2,874,560,178. Corporate insiders own 25.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Cranbrook Wealth Management LLC raised its holdings in Tesla by 224.1% in the 3rd quarter. Cranbrook Wealth Management LLC now owns 94 shares of the electric vehicle producer’s stock worth $25,000 after purchasing an additional 65 shares in the last quarter. Coston McIsaac & Partners boosted its holdings in shares of Tesla by 200.0% during the 3rd quarter. Coston McIsaac & Partners now owns 96 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 64 shares during the last quarter. TFO TDC LLC purchased a new stake in shares of Tesla during the 2nd quarter valued at about $27,000. Horan Securities Inc. boosted its holdings in shares of Tesla by 164.3% during the 2nd quarter. Horan Securities Inc. now owns 37 shares of the electric vehicle producer’s stock valued at $27,000 after acquiring an additional 23 shares during the last quarter. Finally, West Oak Capital LLC purchased a new stake in shares of Tesla during the 3rd quarter valued at about $27,000. 43.01% of the stock is currently owned by institutional investors.

Tesla Company Profile

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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.

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Analyst Recommendations for Tesla (NASDAQ:TSLA)

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