Tesla (NASDAQ:TSLA) Shares Down 4.4% After Analyst Downgrade

Tesla, Inc. (NASDAQ:TSLA) shares traded down 4.4% during mid-day trading on Tuesday after Evercore ISI lowered their price target on the stock from $155.00 to $145.00. Evercore ISI currently has an in-line rating on the stock. Tesla traded as low as $185.15 and last traded at $185.58. 48,332,160 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 104,358,398 shares. The stock had previously closed at $194.05.

A number of other research analysts have also recently issued reports on TSLA. Royal Bank of Canada reduced their price objective on Tesla from $294.00 to $293.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. JPMorgan Chase & Co. decreased their price target on Tesla from $130.00 to $115.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 3rd. UBS Group dropped their price objective on Tesla from $160.00 to $147.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Daiwa Capital Markets downgraded shares of Tesla from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $245.00 to $195.00 in a research note on Tuesday, February 6th. Finally, Truist Financial dropped their price target on shares of Tesla from $176.00 to $162.00 and set a “hold” rating for the company in a research report on Wednesday, April 24th. Eight equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Tesla has a consensus rating of “Hold” and a consensus target price of $184.32.

Insider Buying and Selling at Tesla

In other Tesla news, 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 transaction, the director now owns 15,000 shares in the company, valued at approximately $2,920,950. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Robyn M. Denholm sold 93,706 shares of the stock in a transaction on 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 transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total value of $16,439,605.20. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $2,631,600. The disclosure for this sale can be found here. In the last three months, insiders have sold 209,098 shares of company stock worth $38,802,534. Insiders own 20.90% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several institutional investors have recently made changes to their positions in TSLA. Wyrmwood Management LLC bought a new stake in Tesla during the fourth quarter valued at about $25,000. Lam Group Inc. purchased a new position in shares of Tesla during the 4th quarter valued at about $25,000. Mendota Financial Group LLC grew its stake in shares of Tesla by 202.2% during the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock valued at $34,000 after acquiring an additional 91 shares during the period. OLD Point Trust & Financial Services N A purchased a new stake in Tesla in the 4th quarter worth approximately $37,000. Finally, Kathleen S. Wright Associates Inc. raised its stake in Tesla by 111.1% during the 4th quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock worth $47,000 after acquiring an additional 100 shares during the period. Institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

The firm’s fifty day simple moving average is $174.92 and its two-hundred day simple moving average is $206.77. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. The firm has a market cap of $587.16 billion, a PE ratio of 47.34, a P/E/G ratio of 4.45 and a beta of 2.40.

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.