Tesla (NASDAQ:TSLA) Price Target Cut to $120.00

Tesla (NASDAQ:TSLA) had its price target reduced by equities research analysts at HSBC from $138.00 to $120.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “reduce” rating on the electric vehicle producer’s stock. HSBC’s price objective indicates a potential downside of 29.49% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Canaccord Genuity Group cut their price target on Tesla from $234.00 to $222.00 and set a “buy” rating for the company in a research note on Wednesday. Morgan Stanley cut their price target on Tesla from $320.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $300.00 price target on shares of Tesla in a research note on Friday, April 19th. Finally, Redburn Atlantic assumed coverage on Tesla in a research note on Wednesday, January 24th. They set a “sell” rating and a $170.00 price target for the company. 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’s stock. According to data from MarketBeat, Tesla presently has an average rating of “Hold” and an average price target of $186.70.

Tesla Trading Up 5.0 %

Shares of Tesla stock opened at $170.18 on Wednesday. Tesla has a 1 year low of $138.80 and a 1 year high of $299.29. The firm has a market cap of $541.99 billion, a PE ratio of 43.41, a P/E/G ratio of 3.82 and a beta of 2.39. The stock has a fifty day moving average price of $175.67 and a 200-day moving average price of $208.64. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.73 and a quick ratio of 1.25.

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 business had revenue of $25.17 billion for the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a net margin of 14.37% and a return on equity of 13.68%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 earnings per share. Equities research analysts anticipate that Tesla will post 1.97 EPS for the current year.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 93,706 shares of the firm’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 transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Robyn M. Denholm sold 93,706 shares of the firm’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 transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total value of $16,439,605.20. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $2,631,600. The disclosure for this sale can be found here. In the last three months, insiders have sold 209,098 shares of company stock valued at $38,802,534. Corporate insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of large investors have recently bought and sold shares of TSLA. Norges Bank purchased a new position in Tesla in the 4th quarter worth approximately $7,844,757,000. International Assets Investment Management LLC increased its stake in Tesla by 25,990.7% in the 4th quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock worth $1,541,273,000 after purchasing an additional 6,179,032 shares during the period. Vanguard Group Inc. grew its position in shares of Tesla by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock worth $57,102,287,000 after buying an additional 3,866,361 shares during the last quarter. California Public Employees Retirement System grew its position in shares of Tesla by 34.0% in the 3rd quarter. California Public Employees Retirement System now owns 9,032,207 shares of the electric vehicle producer’s stock worth $2,260,039,000 after buying an additional 2,293,344 shares during the last quarter. Finally, Morgan Stanley grew its position 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 worth $7,546,823,000 after buying an additional 2,177,397 shares during the last quarter. 66.20% of the stock is 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.