Tesla (NASDAQ:TSLA) Price Target Cut to $176.00 by Analysts at Truist Financial

Tesla (NASDAQ:TSLAGet Free Report) had its price target cut by research analysts at Truist Financial from $193.00 to $176.00 in a note issued to investors on Wednesday, Briefing.com reports. The brokerage currently has a “hold” rating on the electric vehicle producer’s stock. Truist Financial’s target price points to a potential upside of 5.62% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. China Renaissance began coverage on shares of Tesla in a research note on Monday, February 26th. They set a “hold” rating on the stock. Daiwa Capital Markets downgraded shares of Tesla from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $245.00 to $195.00 in a research note on Tuesday, February 6th. Mizuho reissued a “neutral” rating and set a $195.00 target price (down from $270.00) on shares of Tesla in a report on Monday, March 25th. Piper Sandler dropped their target price on shares of Tesla from $295.00 to $225.00 and set an “overweight” rating on the stock in a report on Monday, February 5th. Finally, Wedbush dropped their target price on shares of Tesla from $315.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday, March 28th. Ten equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and an average price target of $202.41.

Read Our Latest Stock Report on Tesla

Tesla Price Performance

Shares of TSLA stock opened at $166.63 on Wednesday. The company has a market capitalization of $530.68 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 4.06 and a beta of 2.39. The firm has a fifty day simple moving average of $185.65 and a 200-day simple moving average of $219.67. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 0.05. Tesla has a twelve month low of $152.37 and a twelve month high of $299.29.

Tesla (NASDAQ:TSLAGet Free Report) last announced its earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.03). The firm had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a net margin of 15.50% and a return on equity of 16.62%. Tesla’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.07 earnings per share. Equities research analysts anticipate that Tesla will post 2.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $175.44, for a total value of $16,439,605.20. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at $2,631,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $175.44, for a total transaction of $16,439,605.20. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at $2,631,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total transaction of $121,674.57. Following the transaction, the senior vice president now directly owns 63,171 shares in the company, valued at approximately $11,188,215.81. The disclosure for this sale can be found here. Insiders sold 198,598 shares of company stock worth $36,952,434 over the last ninety days. 25.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tesla

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Tesla in the 4th quarter worth about $7,844,757,000. Moneta Group Investment Advisors LLC grew its holdings in shares of Tesla by 180,125.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,851,778 shares of the electric vehicle producer’s stock worth $3,307,602,000 after purchasing an additional 26,836,879 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Tesla by 203.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 20,208,699 shares of the electric vehicle producer’s stock worth $5,360,358,000 after purchasing an additional 13,558,882 shares during the last quarter. International Assets Investment Management LLC grew its holdings 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 purchasing an additional 6,179,032 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of Tesla by 26.3% in the 4th quarter. Morgan Stanley now owns 25,427,168 shares of the electric vehicle producer’s stock worth $3,132,119,000 after purchasing an additional 5,292,464 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

About Tesla

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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; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.

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