Tesla (NASDAQ:TSLA) Price Target Cut to $293.00

Tesla (NASDAQ:TSLA) had its target price reduced by Royal Bank of Canada from $294.00 to $293.00 in a report published on Wednesday, MarketBeat.com reports. Royal Bank of Canada currently has an outperform rating on the electric vehicle producer’s stock.

TSLA has been the topic of a number of other reports. Canaccord Genuity Group dropped their price objective on shares of Tesla from $267.00 to $234.00 and set a buy rating on the stock in a research note on Thursday, January 25th. Deutsche Bank Aktiengesellschaft downgraded shares of Tesla from a buy rating to a hold rating and lowered their target price for the company from $189.00 to $123.00 in a report on Thursday, April 18th. Redburn Atlantic initiated coverage on shares of Tesla in a report on Wednesday, January 24th. They issued a sell rating and a $170.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of Tesla from $130.00 to $115.00 and set an underweight rating on the stock in a report on Wednesday, April 3rd. Finally, Piper Sandler reaffirmed an overweight rating and issued a $205.00 target price on shares of Tesla in a report on Monday, April 22nd. Eight investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $186.70.

Tesla Trading Down 1.1 %

NASDAQ TSLA opened at $168.29 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.25 and a current ratio of 1.72. The firm has a market cap of $536.71 billion, a PE ratio of 42.93, a P/E/G ratio of 4.50 and a beta of 2.39. Tesla has a one year low of $138.80 and a one year high of $299.29. The firm’s fifty day moving average is $175.04 and its two-hundred day moving average is $207.61.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 24th. The electric vehicle producer reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). The business had revenue of $25.17 billion during the quarter, compared to analyst estimates of $25.64 billion. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.07 earnings per share. Analysts expect that Tesla will post 1.97 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $204.17, for a total value of $2,143,785.00. Following the sale, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $204.17, for a total value of $2,143,785.00. Following the sale, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at approximately $2,920,950. The disclosure for this sale can be found here. Insiders have sold 209,098 shares of company stock valued at $38,802,534 over the last quarter. Corporate insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of institutional investors have recently modified their holdings of the company. White Pine Investment CO acquired a new position in shares of Tesla in the first quarter valued at approximately $225,000. Vigilare Wealth Management raised its position in shares of Tesla by 13.6% in the first quarter. Vigilare Wealth Management now owns 1,849 shares of the electric vehicle producer’s stock valued at $325,000 after buying an additional 222 shares during the last quarter. Conning Inc. raised its position in shares of Tesla by 3.2% in the first quarter. Conning Inc. now owns 16,324 shares of the electric vehicle producer’s stock valued at $2,870,000 after buying an additional 499 shares during the last quarter. Austin Asset Management Co Inc raised its position in shares of Tesla by 7.0% in the first quarter. Austin Asset Management Co Inc now owns 1,947 shares of the electric vehicle producer’s stock valued at $342,000 after buying an additional 127 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its position in shares of Tesla by 4.8% in the first quarter. Pinnacle Associates Ltd. now owns 64,063 shares of the electric vehicle producer’s stock valued at $11,262,000 after buying an additional 2,927 shares during the last quarter. Institutional investors and hedge funds 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.