Tesla (NASDAQ:TSLA) Price Target Cut to $162.00 by Analysts at Truist Financial

Tesla (NASDAQ:TSLA) had its price objective reduced by Truist Financial from $176.00 to $162.00 in a report released on Wednesday morning, Benzinga reports. They currently have a hold rating on the electric vehicle producer’s stock.

Several other brokerages have also recently weighed in on TSLA. Mizuho reiterated a neutral rating and issued a $195.00 price objective (down previously from $270.00) on shares of Tesla in a research note on Monday, March 25th. KGI Securities restated a neutral rating and issued a $213.00 target price (down from $309.00) on shares of Tesla in a research report on Thursday, January 25th. Robert W. Baird restated an outperform rating and issued a $280.00 target price on shares of Tesla in a research report on Wednesday, April 17th. Redburn Atlantic began coverage on shares of Tesla in a research report on Wednesday, January 24th. They issued a sell rating and a $170.00 target price for the company. Finally, Canaccord Genuity Group dropped their target price on shares of Tesla from $267.00 to $234.00 and set a buy rating for the company in a research report on Thursday, January 25th. Eight equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Tesla presently has a consensus rating of Hold and an average target price of $186.70.

Tesla Price Performance

Shares of Tesla stock 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 simple moving average of $175.04 and a two-hundred day simple moving average of $207.61. 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.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data 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 business had revenue of $25.17 billion during the quarter, compared to analyst estimates of $25.64 billion. During the same quarter last year, the firm earned $1.07 EPS. Tesla’s revenue for the quarter was up 3.5% compared to the same quarter last year. Analysts forecast that Tesla will post 1.97 EPS for the current year.

Insiders Place Their Bets

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the sale, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $5,502,726. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the sale, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $5,502,726. The transaction 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 that occurred 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 sale, the senior vice president now directly owns 63,171 shares in the company, valued at $11,188,215.81. The disclosure for this sale can be found here. Insiders have sold 209,098 shares of company stock valued at $38,802,534 in the last ninety days. 25.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tesla

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Tesla by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock worth $57,102,287,000 after purchasing an additional 3,866,361 shares during the period. Norges Bank acquired a new position in shares of Tesla in the 4th quarter worth approximately $7,844,757,000. Morgan Stanley lifted its position in shares of Tesla by 7.8% in the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock worth $7,546,823,000 after purchasing an additional 2,177,397 shares during the period. FMR LLC lifted its position in shares of Tesla by 0.9% in the 3rd quarter. FMR LLC now owns 29,040,734 shares of the electric vehicle producer’s stock worth $7,266,572,000 after purchasing an additional 269,182 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Tesla by 3.4% in the 3rd quarter. Northern Trust Corp now owns 27,542,824 shares of the electric vehicle producer’s stock worth $6,891,765,000 after purchasing an additional 909,170 shares during the period. 66.20% of the stock is owned by institutional investors.

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.