Tesla (NASDAQ:TSLA) Shares Gap Down on Analyst Downgrade

Tesla, Inc. (NASDAQ:TSLA) shares gapped down prior to trading on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $200.00 to $189.00. The stock had previously closed at $175.22, but opened at $164.75. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Tesla shares last traded at $166.31, with a volume of 25,712,492 shares trading hands.

A number of other brokerages have also recently issued reports on TSLA. The Goldman Sachs Group lowered their price target on shares of Tesla from $220.00 to $190.00 and set a “neutral” rating for the company in a research report on Monday, March 18th. Truist Financial cut their price objective on shares of Tesla from $193.00 to $176.00 and set a “hold” rating on the stock in a research report on Wednesday. Piper Sandler decreased their target price on shares of Tesla from $295.00 to $225.00 and set an “overweight” rating for the company in a report on Monday, February 5th. KGI Securities reiterated a “neutral” rating and set a $213.00 price target (down previously from $309.00) on shares of Tesla in a report on Thursday, January 25th. Finally, Redburn Atlantic initiated coverage on shares of Tesla in a report on Wednesday, January 24th. They issued a “sell” rating and a $170.00 price objective for the company. Ten analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $202.00.

Insiders Place Their Bets

In other news, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the transaction, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $6,376,229.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $204.17, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 93,706 shares of the company’s 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 completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The disclosure for this sale can be found here. Insiders sold a total of 209,098 shares of company stock worth $38,802,534 over the last quarter. 25.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Axiom Financial Strategies LLC grew its stake in Tesla by 9.8% during the first quarter. Axiom Financial Strategies LLC now owns 906 shares of the electric vehicle producer’s stock valued at $777,000 after acquiring an additional 81 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tesla by 19.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,001,923 shares of the electric vehicle producer’s stock valued at $1,079,672,000 after purchasing an additional 164,789 shares in the last quarter. MAS Advisors LLC increased its holdings in shares of Tesla by 25.7% in the first quarter. MAS Advisors LLC now owns 396 shares of the electric vehicle producer’s stock worth $433,000 after purchasing an additional 81 shares during the last quarter. Ergoteles LLC lifted its position in shares of Tesla by 33.4% in the first quarter. Ergoteles LLC now owns 3,567 shares of the electric vehicle producer’s stock worth $3,844,000 after buying an additional 893 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Tesla by 6.8% during the first quarter. Mackenzie Financial Corp now owns 72,167 shares of the electric vehicle producer’s stock valued at $77,767,000 after buying an additional 4,593 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Price Performance

The firm has a fifty day simple moving average of $184.80 and a two-hundred day simple moving average of $218.91. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.25 and a current ratio of 1.73. The firm has a market cap of $536.25 billion, a PE ratio of 39.07, a PEG ratio of 3.13 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.03). Tesla had a return on equity of 16.62% and a net margin of 15.50%. The company had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. During the same quarter in the prior year, the business posted $1.07 EPS. The company’s revenue was up 3.5% on a year-over-year basis. Equities analysts predict that Tesla, Inc. will post 2.38 EPS for the current fiscal year.

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.