Tesla (NASDAQ:TSLA) Price Target Cut to $222.00

Tesla (NASDAQ:TSLA) had its price objective lowered by Canaccord Genuity Group from $234.00 to $222.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the electric vehicle producer’s stock.

TSLA has been the subject of a number of other research reports. TD Cowen cut their price objective on shares of Tesla from $200.00 to $180.00 and set a market perform rating for the company in a report on Thursday, January 25th. Wells Fargo & Company cut their price objective on shares of Tesla from $125.00 to $120.00 and set an underweight rating for the company in a report on Friday, April 12th. Oppenheimer reiterated a market perform rating on shares of Tesla in a report on Wednesday. Citigroup cut their price target on shares of Tesla from $196.00 to $180.00 and set a neutral rating for the company in a report on Friday, April 12th. Finally, Wedbush restated an outperform rating and set a $300.00 price target on shares of Tesla in a report on Friday, April 19th. Eight research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $186.70.

Tesla Stock Down 1.1 %

TSLA opened at $168.29 on Wednesday. Tesla has a twelve month low of $138.80 and a twelve month high of $299.29. The company has a quick ratio of 1.25, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average price of $175.04 and a 200 day moving average price of $208.00. The company has a market cap of $535.97 billion, a PE ratio of 42.93, a price-to-earnings-growth ratio of 4.28 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last released its quarterly 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). Tesla had a return on equity of 13.18% and a net margin of 14.37%. The company had revenue of $25.17 billion for the quarter, compared to analyst estimates of $25.64 billion. During the same quarter last year, the company earned $1.07 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. Sell-side analysts expect that Tesla will post 1.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction on 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 transaction, the senior vice president now directly owns 31,230 shares in the company, valued at $6,376,229.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction dated 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 sale, 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 can be accessed through the SEC website. Also, 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 transaction of $2,143,785.00. Following the completion of the sale, the senior vice president now directly owns 31,230 shares in the company, valued at approximately $6,376,229.10. The disclosure for this sale can be found here. Insiders have sold 209,098 shares of company stock worth $38,802,534 in the last ninety days. 25.10% of the stock is owned by corporate insiders.

Institutional Trading of Tesla

Institutional investors and hedge funds have recently modified their holdings of the business. 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. Sterling Investment Counsel LLC increased its position in Tesla by 86.1% during the first quarter. Sterling Investment Counsel LLC now owns 4,608 shares of the electric vehicle producer’s stock worth $810,000 after purchasing an additional 2,132 shares during the last quarter. BLB&B Advisors LLC grew its stake in Tesla by 54.2% during the first quarter. BLB&B Advisors LLC now owns 5,141 shares of the electric vehicle producer’s stock worth $904,000 after buying an additional 1,808 shares during the period. MBA Advisors LLC purchased a new stake in Tesla during the first quarter worth approximately $336,000. Finally, Prestige Wealth Management Group LLC grew its stake in Tesla by 14.5% during the first quarter. Prestige Wealth Management Group LLC now owns 8,238 shares of the electric vehicle producer’s stock worth $1,448,000 after buying an additional 1,046 shares during the period. Hedge funds and other 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.