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

Tesla (NASDAQ:TSLA) had its price target trimmed by Royal Bank of Canada from $294.00 to $293.00 in a research note released on Wednesday, MarketBeat.com reports. The brokerage currently has an outperform rating on the electric vehicle producer’s stock.

TSLA has been the subject of a number of other reports. Truist Financial lowered their target price on Tesla from $176.00 to $162.00 and set a hold rating for the company in a research note on Wednesday. Jefferies Financial Group lowered their target price on Tesla from $185.00 to $165.00 and set a hold rating for the company in a research note on Wednesday, April 10th. JPMorgan Chase & Co. reduced their price target on Tesla from $130.00 to $115.00 and set an underweight rating for the company in a research report on Wednesday, April 3rd. Oppenheimer reaffirmed a market perform rating on shares of Tesla in a research report on Wednesday. Finally, Piper Sandler reaffirmed an overweight rating and set a $205.00 price target on shares of Tesla in a research report on Monday. Eight analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $186.22.

Tesla Stock Performance

Shares of TSLA stock opened at $162.13 on Wednesday. The stock has a 50-day moving average of $176.28 and a 200-day moving average of $208.91. Tesla has a one year low of $138.80 and a one year high of $299.29. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.73 and a quick ratio of 1.25. The stock has a market cap of $516.35 billion, a PE ratio of 41.36, a price-to-earnings-growth ratio of 3.82 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). Tesla had a return on equity of 13.68% and a net margin of 14.37%. The business had revenue of $25.17 billion for the quarter, compared to the consensus estimate of $25.64 billion. During the same period in the previous year, the company posted $1.07 earnings per share. Tesla’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, sell-side analysts expect that Tesla will post 1.97 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction 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 transaction, the senior vice president now owns 31,230 shares in the company, valued at approximately $6,376,229.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of the 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 transaction, the director now owns 15,000 shares in the company, valued at approximately $2,920,950. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction on 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 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. Insiders have sold 209,098 shares of company stock worth $38,802,534 in the last 90 days. Company insiders own 25.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Opal Wealth Advisors LLC increased its position in shares of Tesla by 1.0% in the third quarter. Opal Wealth Advisors LLC now owns 4,353 shares of the electric vehicle producer’s stock worth $1,089,000 after purchasing an additional 42 shares during the period. Holderness Investments Co. increased its position in shares of Tesla by 1.6% in the third quarter. Holderness Investments Co. now owns 2,599 shares of the electric vehicle producer’s stock worth $650,000 after purchasing an additional 42 shares during the period. SCS Capital Management LLC increased its position in shares of Tesla by 0.3% in the third quarter. SCS Capital Management LLC now owns 16,881 shares of the electric vehicle producer’s stock worth $4,224,000 after purchasing an additional 45 shares during the period. Daymark Wealth Partners LLC increased its position in shares of Tesla by 0.4% in the fourth quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer’s stock worth $2,622,000 after purchasing an additional 45 shares during the period. Finally, ML & R Wealth Management LLC increased its position in shares of Tesla by 2.6% in the third quarter. ML & R Wealth Management LLC now owns 1,819 shares of the electric vehicle producer’s stock worth $455,000 after purchasing an additional 46 shares during the period. 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.