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

Tesla (NASDAQ:TSLA) had its price objective decreased by Royal Bank of Canada from $294.00 to $293.00 in a research report sent to investors on Wednesday morning, Marketbeat.com reports. Royal Bank of Canada currently has an outperform rating on the electric vehicle producer’s stock.

Other research analysts have also recently issued reports about the company. Mizuho lowered their price objective on Tesla from $195.00 to $180.00 and set a neutral rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut Tesla from a buy rating to a hold rating and lowered their price objective for the company from $189.00 to $123.00 in a research report on Thursday, April 18th. Roth Mkm reaffirmed a neutral rating and set a $85.00 price objective on shares of Tesla in a research report on Wednesday. Citigroup lowered their price objective on Tesla from $196.00 to $180.00 and set a neutral rating on the stock in a research report on Friday, April 12th. Finally, Wells Fargo & Company decreased their target price on Tesla from $125.00 to $120.00 and set an underweight rating on the stock in a research note on Friday, April 12th. Eight research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $186.70.

Tesla Trading Down 1.1 %

Shares of NASDAQ:TSLA opened at $168.29 on Wednesday. The stock has a market capitalization of $535.97 billion, a price-to-earnings ratio of 42.93, a PEG ratio of 4.28 and a beta of 2.39. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.25 and a current ratio of 1.72. The stock’s 50-day simple moving average is $175.04 and its two-hundred day simple moving average is $208.00. Tesla has a 52-week low of $138.80 and a 52-week high of $299.29.

Tesla (NASDAQ:TSLA) last announced its 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). The firm had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a return on equity of 13.18% and a net margin of 14.37%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.07 earnings per share. Analysts expect that Tesla will post 1.97 EPS for the current year.

Insider Activity

In related news, SVP Andrew D. Baglino sold 10,500 shares of the business’s 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 completion of 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 SEC, which is available through this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 687 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total value of $121,674.57. Following the completion of the sale, the senior vice president now directly owns 63,171 shares in the company, valued at approximately $11,188,215.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Andrew D. Baglino sold 10,500 shares of the company’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 sale, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 209,098 shares of company stock valued at $38,802,534. 25.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tesla

Hedge funds have recently made changes to their positions in the company. Wyrmwood Management LLC purchased a new stake in shares of Tesla in the 4th quarter worth $25,000. Lam Group Inc. purchased a new stake in shares of Tesla during the 4th quarter worth $25,000. Mendota Financial Group LLC lifted its stake in shares of 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 purchasing an additional 91 shares during the last quarter. Ogorek Anthony Joseph NY ADV lifted its stake in shares of 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 purchasing an additional 69 shares during the last quarter. Finally, OLD Point Trust & Financial Services N A purchased a new stake in shares of Tesla during the 4th quarter worth $37,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

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.