Tesla’s price target has been increased to $530.00 by Mizuho, reflecting optimism for the electric vehicle manufacturer. This adjustment, noted in a report released to investors on November 5, 2023, comes as part of Mizuho’s ongoing support for Tesla, which it currently rates as “outperform.”
The move follows a series of contrasting assessments from various analysts. Glj Research maintained a “sell” rating on Tesla shares in a report earlier this week. Meanwhile, Weiss Ratings reaffirmed a “hold (C-)” rating on October 30, while President Capital raised its price objective for Tesla from $373.00 to $529.00, also assigning a “buy” rating on October 29. Morgan Stanley set a target price of $425.00 with an “equal weight” rating in early December.
Currently, analysts exhibit a mixed sentiment towards Tesla’s stock. According to MarketBeat data, one analyst has rated the stock as a Strong Buy, twenty have given it a Buy rating, fourteen have issued a Hold rating, and nine have rated it as a Sell. The consensus rating stands at “Hold,” with a target price averaging $402.25.
Tesla’s Recent Performance and Earnings Report
Tesla’s stock showed a notable increase of 3.4% following the announcement of its earnings results on October 23. The company reported earnings of $0.50 per share, exceeding analysts’ expectations by $0.02. The electric vehicle manufacturer also reported a return on equity of 6.61% and a net margin of 5.51%. Revenue for the quarter reached $28.10 billion, surpassing forecasts of $24.98 billion and reflecting an 11.6% year-over-year increase.
Analysts forecast that Tesla will achieve $2.56 in earnings per share for the current fiscal year, indicating continued growth prospects.
Insider Transactions and Institutional Investments
Recent insider trading activities have also caught the market’s attention. Tesla’s Chief Financial Officer, Vaibhav Taneja, sold 2,637 shares on December 8 at an average price of $443.93, totaling approximately $1.17 million. Following this transaction, Taneja holds 13,757 shares valued at around $6.11 million, marking a 16.09% decrease in his ownership.
In a separate transaction on December 9, Director Kimbal Musk sold 56,820 shares at an average price of $450.66, amounting to about $25.61 million. Post-sale, Musk retains 1,391,615 shares, valued at approximately $627.15 million, which reflects a 3.92% drop in his stake.
Institutional investors continue to play a significant role in Tesla’s stock dynamics. Brighton Jones LLC increased its holdings by 11.8% in the last quarter, acquiring an additional 9,293 shares, now valued at $35.51 million. Other firms, including Revolve Wealth Partners LLC and Bison Wealth LLC, have also raised their positions significantly.
Current data indicates that approximately 66.20% of Tesla’s stock is owned by hedge funds and institutional investors, highlighting the stock’s appeal among institutional players.
Tesla, Inc. remains a key player in the electric vehicle market, designing and manufacturing vehicles and energy systems globally. The company’s dual segments, Automotive and Energy Generation and Storage, continue to evolve, reflecting the growing demand for sustainable transportation solutions.
