Wedbush Lowers Tesla (NASDAQ:TSLA) Price Target to $315.00

Tesla (NASDAQ:TSLA) had its price target decreased by stock analysts at Wedbush from $550.00 to $315.00 in a report released on Monday, Marketbeat reports. The firm currently has an “outperform” rating on the electric vehicle producer’s stock. Wedbush’s target price would suggest a potential upside of 41.98% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. dropped their price objective on Tesla from $135.00 to $120.00 and set an “underweight” rating on the stock in a report on Wednesday, March 12th. Oppenheimer reiterated a “mixed” rating on shares of Tesla in a research report on Tuesday, March 18th. Evercore ISI increased their price target on shares of Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a research report on Friday, January 3rd. Bank of America decreased their price objective on Tesla from $490.00 to $380.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Finally, Truist Financial lowered their price target on shares of Tesla from $373.00 to $280.00 and set a “hold” rating for the company in a report on Thursday, April 3rd. Eight analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $305.31.

Tesla Trading Down 4.9 %

Shares of Tesla stock opened at $221.86 on Monday. Tesla has a 1 year low of $138.80 and a 1 year high of $488.54. The stock has a fifty day moving average price of $295.83 and a 200-day moving average price of $323.34. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The firm has a market cap of $713.62 billion, a PE ratio of 108.76, a P/E/G ratio of 5.86 and a beta of 2.58.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. Equities research analysts anticipate that Tesla will post 2.56 EPS for the current year.

Insider Activity

In related news, Director James R. Murdoch sold 54,776 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the completion of the sale, the director now directly owns 477,011 shares in the company, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $383.11, for a total value of $2,681,770.00. Following the completion of the sale, the chief financial officer now owns 108,965 shares of the company’s stock, valued at $41,745,581.15. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 370,228 shares of company stock valued at $122,791,123 in the last 90 days. 20.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Rhumbline Advisers raised its position in shares of Tesla by 0.4% during the first quarter. Rhumbline Advisers now owns 5,224,516 shares of the electric vehicle producer’s stock valued at $1,353,985,000 after buying an additional 20,295 shares during the last quarter. Aletheian Wealth Advisors LLC lifted its stake in Tesla by 35.0% in the first quarter. Aletheian Wealth Advisors LLC now owns 3,334 shares of the electric vehicle producer’s stock worth $864,000 after purchasing an additional 864 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its position in Tesla by 10.3% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 47,885 shares of the electric vehicle producer’s stock valued at $12,410,000 after acquiring an additional 4,485 shares during the last quarter. Verde Capital Management increased its stake in Tesla by 5.0% in the 1st quarter. Verde Capital Management now owns 20,819 shares of the electric vehicle producer’s stock worth $5,395,000 after buying an additional 997 shares during the period. Finally, Presidio Capital Management LLC increased its position in shares of Tesla by 10.4% during the first quarter. Presidio Capital Management LLC now owns 4,337 shares of the electric vehicle producer’s stock worth $1,124,000 after acquiring an additional 409 shares during the period. 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.