Tesla (NASDAQ:TSLA) Price Target Cut to $162.00 by Analysts at Truist Financial

Tesla (NASDAQ:TSLA) had its price target decreased by Truist Financial from $176.00 to $162.00 in a report issued on Wednesday, Benzinga reports. Truist Financial currently has a hold rating on the electric vehicle producer’s stock.

Several other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group decreased their target price 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. Edward Jones lowered shares of Tesla from a buy rating to a hold rating in a report on Friday, January 26th. JPMorgan Chase & Co. dropped their price objective on shares of Tesla from $130.00 to $115.00 and set an underweight rating on the stock in a research note on Wednesday, April 3rd. Sanford C. Bernstein dropped their price objective on shares of Tesla from $150.00 to $120.00 and set an underperform rating on the stock in a research note on Tuesday, March 26th. Finally, Guggenheim restated a sell rating and issued a $122.00 price target on shares of Tesla in a research note on Tuesday, April 23rd. Eight equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Tesla currently has an average rating of Hold and an average price target of $186.70.

Tesla Price Performance

Tesla stock opened at $168.29 on Wednesday. Tesla has a 12-month low of $138.80 and a 12-month high of $299.29. The stock has a market capitalization of $536.71 billion, a P/E ratio of 42.93, a P/E/G ratio of 4.50 and a beta of 2.39. The firm’s 50-day moving average is $175.04 and its two-hundred day moving average is $207.61. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.25.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results 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). Tesla had a return on equity of 13.18% and a net margin of 14.37%. The firm had revenue of $25.17 billion for the quarter, compared to analyst estimates of $25.64 billion. During the same period in the prior year, the business earned $1.07 earnings per share. Tesla’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities analysts predict that Tesla will post 1.97 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, 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 transaction of $18,247,369.38. Following the sale, the director now owns 15,000 shares in the company, valued at approximately $2,920,950. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Tesla 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 owns 31,230 shares of the company’s stock, valued at approximately $6,376,229.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 93,706 shares of Tesla stock in a transaction dated 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 transaction, the director now directly owns 15,000 shares in the company, valued at approximately $2,920,950. The disclosure for this sale can be found here. In the last quarter, insiders have sold 209,098 shares of company stock worth $38,802,534. Company insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Tesla by 1.7% during 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 acquiring an additional 3,866,361 shares in the last quarter. Norges Bank bought a new stake in shares of Tesla in the 4th quarter valued at approximately $7,844,757,000. Morgan Stanley grew its stake in shares of Tesla by 7.8% in the 3rd 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 in the last quarter. FMR LLC grew its stake in shares of Tesla by 0.9% in the 3rd 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 in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Tesla by 3.4% in the 3rd 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 in the last quarter. Hedge funds and other 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.