Piper Jaffray Companies Lowers Tesla (NASDAQ:TSLA) Price Target to $372.00

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Tesla (NASDAQ:TSLA) had its price target cut by Piper Jaffray Companies from $386.00 to $372.00 in a research report issued to clients and investors on Friday, The Fly reports. Piper Jaffray Companies’ price objective would suggest a potential upside of 44.78% from the company’s current price. Piper Jaffray Companies also issued estimates for Tesla’s Q2 2020 earnings at $0.46 EPS.

A number of other research analysts also recently issued reports on the company. ValuEngine upgraded Tesla from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Nord/LB set a $195.00 price target on Tesla and gave the company a “sell” rating in a report on Monday, October 7th. Morgan Stanley reiterated a “weight” rating on shares of Tesla in a report on Thursday, October 3rd. Sanford C. Bernstein set a $325.00 price target on Tesla and gave the company a “hold” rating in a report on Wednesday, August 21st. Finally, Wedbush reiterated a “neutral” rating and issued a $220.00 price target on shares of Tesla in a report on Thursday, October 3rd. Eighteen equities research analysts have rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $266.35.

Shares of NASDAQ:TSLA opened at $256.95 on Friday. Tesla has a 12-month low of $176.99 and a 12-month high of $379.49. The business’s fifty day simple moving average is $238.97 and its 200-day simple moving average is $234.69. The company has a market capitalization of $46.93 billion, a PE ratio of -44.92 and a beta of 0.52. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 1.71.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, July 24th. The electric vehicle producer reported ($2.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.55) by ($0.76). Tesla had a negative net margin of 2.64% and a negative return on equity of 11.42%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.44 billion. During the same quarter in the prior year, the business posted ($3.06) earnings per share. The company’s revenue was up 58.7% compared to the same quarter last year. Research analysts predict that Tesla will post -7.38 EPS for the current year.

In other news, Director Kathleen Wilson-Thompson purchased 360 shares of the stock in a transaction on Wednesday, August 14th. The stock was bought at an average price of $221.71 per share, with a total value of $79,815.60. Following the transaction, the director now owns 360 shares in the company, valued at approximately $79,815.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Zachary Kirkhorn sold 150 shares of Tesla stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $224.00, for a total value of $33,600.00. Following the sale, the chief financial officer now directly owns 9,812 shares of the company’s stock, valued at approximately $2,197,888. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,300 shares of company stock worth $3,526,721. 24.40% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. lifted its position in Tesla by 1.2% during the 2nd quarter. Baillie Gifford & Co. now owns 13,409,732 shares of the electric vehicle producer’s stock worth $2,996,539,000 after acquiring an additional 165,206 shares during the period. Primecap Management Co. CA lifted its position in Tesla by 67.2% during the 2nd quarter. Primecap Management Co. CA now owns 1,526,940 shares of the electric vehicle producer’s stock worth $341,210,000 after acquiring an additional 613,525 shares during the period. ARK Investment Management LLC lifted its holdings in shares of Tesla by 54.3% in the 2nd quarter. ARK Investment Management LLC now owns 1,163,182 shares of the electric vehicle producer’s stock valued at $259,925,000 after buying an additional 409,332 shares during the period. Northern Trust Corp lifted its holdings in shares of Tesla by 0.5% in the 2nd quarter. Northern Trust Corp now owns 928,974 shares of the electric vehicle producer’s stock valued at $207,588,000 after buying an additional 4,913 shares during the period. Finally, Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Tesla by 11.9% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 775,005 shares of the electric vehicle producer’s stock valued at $186,675,000 after buying an additional 82,505 shares during the period. 54.41% of the stock is owned by institutional investors.

About Tesla

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

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