Tesla (NASDAQ:TSLA) PT Lowered to $293.00

Tesla (NASDAQ:TSLA) had its price objective reduced by Royal Bank of Canada from $294.00 to $293.00 in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has an “outperform” rating on the electric vehicle producer’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 72.17% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Tesla from $125.00 to $120.00 and set an “underweight” rating on the stock in a research report on Friday, April 12th. Canaccord Genuity Group dropped their price target on shares of Tesla from $267.00 to $234.00 and set a “buy” rating on the stock in a research report on Thursday, January 25th. Sanford C. Bernstein dropped their price target on shares of Tesla from $150.00 to $120.00 and set an “underperform” rating on the stock in a research report on Tuesday, March 26th. Jefferies Financial Group dropped their price target on shares of Tesla from $185.00 to $165.00 and set a “hold” rating on the stock in a research report on Wednesday, April 10th. Finally, 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 price target on the stock. Eight equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $186.70.

Tesla Price Performance

Shares of TSLA opened at $170.18 on Wednesday. The firm has a market cap of $541.99 billion, a PE ratio of 43.41, a PEG ratio of 3.82 and a beta of 2.39. The firm’s 50 day moving average price is $175.67 and its 200 day moving average price is $208.64. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.25 and a current ratio of 1.73. Tesla has a twelve month low of $138.80 and a twelve month high of $299.29.

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). The business had revenue of $25.17 billion for the quarter, compared to the consensus estimate of $25.64 billion. Tesla had a net margin of 14.37% and a return on equity of 13.68%. Tesla’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.07 EPS. As a group, research analysts expect that Tesla will post 1.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 687 shares of Tesla stock in a transaction 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 sale, the senior vice president now owns 63,171 shares in the company, valued at $11,188,215.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $204.17, for a total value of $2,143,785.00. Following the sale, the senior vice president now owns 31,230 shares in the company, valued at approximately $6,376,229.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 63,171 shares in the company, valued at approximately $11,188,215.81. The disclosure for this sale can be found here. Insiders have sold 209,098 shares of company stock worth $38,802,534 over the last 90 days. Corporate insiders own 25.10% of the company’s stock.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake 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 valued at $57,102,287,000 after purchasing an additional 3,866,361 shares in the last quarter. Norges Bank acquired a new stake in shares of Tesla in the 4th quarter valued at $7,844,757,000. Morgan Stanley raised its holdings in shares of Tesla by 7.8% in the third quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock valued at $7,546,823,000 after buying an additional 2,177,397 shares during the last quarter. FMR LLC raised its holdings in shares of Tesla by 0.9% in the third quarter. FMR LLC now owns 29,040,734 shares of the electric vehicle producer’s stock valued at $7,266,572,000 after buying an additional 269,182 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Tesla by 3.4% in the third quarter. Northern Trust Corp now owns 27,542,824 shares of the electric vehicle producer’s stock valued at $6,891,765,000 after buying an additional 909,170 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

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.