Tesla (NASDAQ:TSLA) Price Target Cut to $293.00 by Analysts at Royal Bank of Canada

Tesla (NASDAQ:TSLA) had its price objective reduced by analysts at Royal Bank of Canada from $294.00 to $293.00 in a research report issued to clients and investors on Wednesday, MarketBeat reports. The brokerage currently has an “outperform” rating on the electric vehicle producer’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 84.47% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Citigroup decreased their target price on Tesla from $196.00 to $180.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. China Renaissance assumed coverage on Tesla in a report on Monday, February 26th. They issued a “hold” rating on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Wednesday. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research note on Wednesday. Finally, TD Cowen cut their target price on Tesla from $200.00 to $180.00 and set a “market perform” rating on the stock in a research note on Thursday, January 25th. Eight investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Tesla presently has a consensus rating of “Hold” and an average price target of $187.48.

Tesla Stock Up 9.8 %

NASDAQ TSLA traded up $14.15 during mid-day trading on Wednesday, reaching $158.83. 120,746,642 shares of the company’s stock traded hands, compared to its average volume of 102,181,555. Tesla has a 1-year low of $138.80 and a 1-year high of $299.29. The company has a fifty day simple moving average of $176.81 and a 200-day simple moving average of $209.24. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 0.05. The company has a market cap of $505.84 billion, a price-to-earnings ratio of 37.37, a P/E/G ratio of 3.75 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last issued its 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). The firm had revenue of $25.17 billion during the quarter, compared to analyst estimates of $25.64 billion. Tesla had a return on equity of 16.62% and a net margin of 15.50%. Tesla’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.07 EPS. As a group, equities research analysts expect 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 dated Thursday, February 29th. The stock was sold at an average price of $204.17, for a total value of $2,143,785.00. Following the completion of the sale, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $204.17, for a total value of $2,143,785.00. Following the completion of the sale, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robyn M. Denholm sold 93,706 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the sale, 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 209,098 shares of company stock valued at $38,802,534 over the last quarter. Insiders own 20.90% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several large investors have recently made changes to their positions in TSLA. Wyrmwood Management LLC bought a new position in Tesla during the fourth quarter valued at about $25,000. Lam Group Inc. bought a new position in Tesla during the fourth quarter valued at about $25,000. Mendota Financial Group LLC increased its stake in Tesla by 202.2% during the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock valued at $34,000 after acquiring an additional 91 shares during the period. Ogorek Anthony Joseph NY ADV increased its stake in Tesla by 94.5% during the third quarter. Ogorek Anthony Joseph NY ADV now owns 142 shares of the electric vehicle producer’s stock valued at $35,000 after acquiring an additional 69 shares during the period. Finally, OLD Point Trust & Financial Services N A bought a new position in Tesla during the fourth quarter valued at about $37,000. 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.