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

Tesla (NASDAQ:TSLA) had its price objective trimmed by Royal Bank of Canada from $294.00 to $293.00 in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm currently has an outperform rating on the electric vehicle producer’s stock.

Other analysts have also recently issued reports about the company. Piper Sandler reiterated an overweight rating and issued a $205.00 price target on shares of Tesla in a research report on Monday, April 22nd. Redburn Atlantic started coverage on Tesla in a research report on Wednesday, January 24th. They issued a sell rating and a $170.00 price target on the stock. Mizuho decreased their target price on Tesla from $195.00 to $180.00 and set a neutral rating on the stock in a report on Wednesday. TD Cowen decreased their target price on Tesla from $200.00 to $180.00 and set a market perform rating on the stock in a report on Thursday, January 25th. Finally, Barclays decreased their target price on Tesla from $225.00 to $180.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. Eight investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $186.70.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $168.29 on Wednesday. The business’s fifty day moving average price is $175.04 and its two-hundred day moving average price is $207.61. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $299.29. The stock has a market capitalization of $536.71 billion, a price-to-earnings ratio of 42.93, a price-to-earnings-growth ratio of 4.50 and a beta of 2.39. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.25.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). Tesla had a net margin of 14.37% and a return on equity of 13.18%. The company had revenue of $25.17 billion during the quarter, compared to the consensus estimate of $25.64 billion. During the same quarter last year, the company earned $1.07 earnings per share. The business’s revenue was up 3.5% on a year-over-year basis. As a group, analysts predict that Tesla will post 1.97 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

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

Institutional Investors Weigh In On Tesla

A number of hedge funds have recently modified their holdings of TSLA. Wyrmwood Management LLC acquired a new stake in shares of Tesla during the fourth quarter worth about $25,000. Lam Group Inc. acquired a new stake in shares of Tesla during the fourth quarter worth about $25,000. Mendota Financial Group LLC raised its position in shares of Tesla by 202.2% during the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after purchasing an additional 91 shares during the period. Ogorek Anthony Joseph NY ADV raised its position in shares of Tesla by 94.5% during the third quarter. Ogorek Anthony Joseph NY ADV now owns 142 shares of the electric vehicle producer’s stock worth $35,000 after purchasing an additional 69 shares during the period. Finally, OLD Point Trust & Financial Services N A acquired a new stake in shares of Tesla during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Company Profile

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.