Tesla (NASDAQ:TSLA) Price Target Cut to $300.00 by Analysts at Wedbush

Tesla (NASDAQ:TSLA) had its price target lowered by Wedbush from $315.00 to $300.00 in a research note published on Thursday, Marketbeat.com reports. Wedbush currently has an outperform rating on the electric vehicle producer’s stock.

A number of other brokerages have also commented on TSLA. Sanford C. Bernstein lowered their price target on Tesla from $150.00 to $120.00 and set an underperform rating on the stock in a report on Tuesday. The Goldman Sachs Group lowered their price target on Tesla from $220.00 to $190.00 and set a neutral rating on the stock in a report on Monday, March 18th. JPMorgan Chase & Co. lowered their target price on Tesla from $135.00 to $130.00 and set an underweight rating on the stock in a report on Friday, January 26th. Morgan Stanley reaffirmed an overweight rating and set a $320.00 target price on shares of Tesla in a report on Wednesday. Finally, Jefferies Financial Group decreased their price target on Tesla from $225.00 to $185.00 and set a hold rating for the company in a research report on Monday, January 29th. Ten analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $204.63.

Tesla Stock Performance

Shares of TSLA opened at $175.79 on Thursday. The business’s fifty day moving average price is $187.78 and its 200 day moving average price is $222.06. Tesla has a 12-month low of $152.37 and a 12-month high of $299.29. The stock has a market capitalization of $559.85 billion, a PE ratio of 40.79, a price-to-earnings-growth ratio of 4.01 and a beta of 2.41. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.73 and a quick ratio of 1.25.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.03). The firm had revenue of $25.17 billion for the quarter, compared to the consensus estimate of $25.64 billion. Tesla had a return on equity of 16.62% and a net margin of 15.50%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.07 earnings per share. Equities research analysts forecast that Tesla will post 2.44 EPS for the current year.

Insider Activity

In other news, SVP Xiaotong Zhu sold 687 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total value of $121,674.57. Following the sale, the senior vice president now directly owns 63,171 shares in the company, valued at approximately $11,188,215.81. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Robyn M. Denholm sold 93,706 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at approximately $2,920,950. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 687 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the completion of the transaction, the senior vice president now owns 63,171 shares of the company’s stock, valued at approximately $11,188,215.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 198,598 shares of company stock worth $36,952,434. Corporate insiders own 20.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TSLA. Contravisory Investment Management Inc. bought a new position in Tesla during the 3rd quarter worth approximately $25,000. Wyrmwood Management LLC bought a new position in Tesla during the 4th quarter worth approximately $25,000. Lam Group Inc. bought a new position in Tesla during the 4th quarter worth approximately $25,000. Alpha Paradigm Partners LLC bought a new position in Tesla during the 3rd quarter worth approximately $27,000. Finally, Halpern Financial Inc. raised its holdings in Tesla by 1,111.1% during the 3rd quarter. Halpern Financial Inc. now owns 109 shares of the electric vehicle producer’s stock worth $27,000 after purchasing an additional 100 shares during the last quarter. 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.