Tesla (NASDAQ:TSLA) Stock Price Down 4.4% After Analyst Downgrade

Shares of Tesla, Inc. (NASDAQ:TSLA) were down 4.4% on Tuesday after Evercore ISI lowered their price target on the stock from $155.00 to $145.00. Evercore ISI currently has an in-line rating on the stock. Tesla traded as low as $185.15 and last traded at $185.58. Approximately 48,332,160 shares changed hands during trading, a decline of 54% from the average daily volume of 104,358,398 shares. The stock had previously closed at $194.05.

A number of other research analysts have also recently weighed in on the stock. Wedbush reiterated an “outperform” rating and set a $275.00 price objective on shares of Tesla in a research report on Monday. Sanford C. Bernstein cut their price objective 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. UBS Group lowered their target price on shares of Tesla from $160.00 to $147.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research note on Wednesday, April 24th. Finally, Citigroup boosted their target price on shares of Tesla from $180.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Eight research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $184.32.

Insiders Place Their Bets

In related news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $175.44, for a total value of $16,439,605.20. Following the transaction, the director now owns 15,000 shares in the company, valued at approximately $2,631,600. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $175.44, for a total value of $16,439,605.20. Following the transaction, the director now owns 15,000 shares in the company, valued at approximately $2,631,600. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction that occurred on 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 completion of the transaction, the senior vice president now owns 31,230 shares in the company, valued at approximately $6,376,229.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 209,098 shares of company stock worth $38,802,534. 20.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tesla

Several hedge funds have recently bought and sold shares of the stock. Paces Ferry Wealth Advisors LLC boosted its position in Tesla by 12.4% in the 1st quarter. Paces Ferry Wealth Advisors LLC now owns 4,030 shares of the electric vehicle producer’s stock worth $708,000 after purchasing an additional 443 shares in the last quarter. StoneX Group Inc. boosted its position in Tesla by 7.8% in the 1st quarter. StoneX Group Inc. now owns 17,209 shares of the electric vehicle producer’s stock worth $3,025,000 after purchasing an additional 1,248 shares in the last quarter. Resonant Capital Advisors LLC boosted its position in Tesla by 92.1% in the 1st quarter. Resonant Capital Advisors LLC now owns 5,002 shares of the electric vehicle producer’s stock worth $879,000 after purchasing an additional 2,398 shares in the last quarter. KFA Private Wealth Group LLC boosted its position in Tesla by 30.3% in the 1st quarter. KFA Private Wealth Group LLC now owns 2,315 shares of the electric vehicle producer’s stock worth $407,000 after purchasing an additional 539 shares in the last quarter. Finally, New Harbor Financial Group LLC boosted its position in Tesla by 14.1% in the 1st quarter. New Harbor Financial Group LLC now owns 1,333 shares of the electric vehicle producer’s stock worth $234,000 after purchasing an additional 165 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Down 1.8 %

The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04. The company has a 50-day simple moving average of $174.41 and a 200 day simple moving average of $206.11. The firm has a market cap of $574.02 billion, a PE ratio of 45.92, a price-to-earnings-growth ratio of 5.28 and a beta of 2.39.

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.