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

Tesla (NASDAQ:TSLA) had its price target decreased by equities research analysts at Royal Bank of Canada from $294.00 to $293.00 in a research report issued on Wednesday, MarketBeat reports. The brokerage currently has an “outperform” rating on the electric vehicle producer’s stock. Royal Bank of Canada’s price target suggests a potential upside of 84.47% from the stock’s current price.

A number of other equities analysts also recently weighed in on TSLA. Morgan Stanley cut their price target on shares of Tesla from $320.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Canaccord Genuity Group lowered their price target on shares of Tesla from $267.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, January 25th. Redburn Atlantic started coverage on shares of Tesla in a report on Wednesday, January 24th. They set a “sell” rating and a $170.00 price objective for the company. Roth Mkm restated a “neutral” rating and issued a $85.00 price target on shares of Tesla in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Tesla from a “buy” rating to a “hold” rating and reduced their price target for the stock from $189.00 to $123.00 in a research report on Thursday, April 18th. Eight research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Tesla has an average rating of “Hold” and a consensus target price of $187.48.

Tesla Price Performance

Shares of NASDAQ TSLA traded up $14.15 on Wednesday, hitting $158.83. The company’s stock had a trading volume of 120,746,642 shares, compared to its average volume of 102,181,555. 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 company has a market capitalization of $505.84 billion, a price-to-earnings ratio of 37.37, a price-to-earnings-growth ratio of 3.75 and a beta of 2.39. The stock has a 50 day moving average of $176.81 and a 200-day moving average of $209.24. Tesla has a 12-month low of $138.80 and a 12-month high of $299.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data 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). The firm had revenue of $25.17 billion for the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a net margin of 15.50% and a return on equity of 16.62%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 EPS. As a group, research analysts predict that Tesla will post 1.97 EPS for the current year.

Insider Buying and Selling at Tesla

In other news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $176.20, for a total value of $1,850,100.00. Following the completion of the sale, the senior vice president now directly owns 31,230 shares in the company, valued at $5,502,726. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $175.44, for a total transaction of $16,439,605.20. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at $2,631,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the completion of the sale, the senior vice president now directly owns 31,230 shares in the company, valued at approximately $5,502,726. The disclosure for this sale can be found here. Insiders sold 209,098 shares of company stock worth $38,802,534 over the last ninety days. 20.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wyrmwood Management LLC acquired a new stake in shares of Tesla in the 4th quarter valued at $25,000. Lam Group Inc. acquired a new position in Tesla during the 4th quarter worth about $25,000. Mendota Financial Group LLC lifted its position in Tesla by 202.2% during the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after buying an additional 91 shares in the last quarter. Ogorek Anthony Joseph NY ADV lifted its position in Tesla by 94.5% during the 3rd quarter. Ogorek Anthony Joseph NY ADV now owns 142 shares of the electric vehicle producer’s stock worth $35,000 after buying an additional 69 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A acquired a new position in Tesla during the 4th quarter worth about $37,000. Institutional investors 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.