Tesla (NASDAQ:TSLA) Price Target Cut to $1,000.00 by Analysts at Wedbush

Tesla (NASDAQ:TSLAGet Rating) had its price target trimmed by Wedbush from $1,400.00 to $1,000.00 in a research note published on Thursday, The Fly reports. The brokerage currently has an outperform rating on the electric vehicle producer’s stock.

Several other brokerages have also recently weighed in on TSLA. Canaccord Genuity Group increased their price target on shares of Tesla from $1,040.00 to $1,200.00 in a research report on Friday, January 28th. Jefferies Financial Group initiated coverage on Tesla in a research note on Thursday, April 21st. They issued a buy rating and a $1,250.00 target price on the stock. UBS Group upped their price target on Tesla from $1,000.00 to $1,100.00 and gave the company a neutral rating in a research report on Monday, April 4th. BNP Paribas reduced their target price on Tesla from $700.00 to $600.00 and set an underperform rating on the stock in a research note on Wednesday, May 18th. Finally, Tudor, Pickering, Holt & Co. raised Tesla from a sell rating to a hold rating in a research note on Tuesday, May 17th. Eight research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $920.78.

Tesla stock opened at $663.90 on Thursday. The firm has a fifty day simple moving average of $929.01 and a two-hundred day simple moving average of $963.93. Tesla has a twelve month low of $571.22 and a twelve month high of $1,243.49. The company has a market capitalization of $687.81 billion, a PE ratio of 90.08, a P/E/G ratio of 2.27 and a beta of 2.11. The company has a quick ratio of 1.04, a current ratio of 1.35 and a debt-to-equity ratio of 0.09.

Tesla (NASDAQ:TSLAGet Rating) last issued its earnings results on Wednesday, April 20th. The electric vehicle producer reported $2.86 earnings per share for the quarter, beating the consensus estimate of $1.64 by $1.22. The company had revenue of $18.76 billion during the quarter, compared to analysts’ expectations of $17.84 billion. Tesla had a return on equity of 28.11% and a net margin of 13.51%. Tesla’s quarterly revenue was up 80.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 EPS. As a group, equities analysts expect that Tesla will post 10.39 earnings per share for the current fiscal year.

In other news, SVP Andrew D. Baglino sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 28th. The stock was sold at an average price of $815.72, for a total transaction of $2,855,020.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Andrew D. Baglino sold 897 shares of the stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $845.39, for a total value of $758,314.83. The disclosure for this sale can be found here. In the last three months, insiders sold 417,001 shares of company stock valued at $373,252,861. 25.00% of the stock is owned by insiders.

Several large investors have recently modified their holdings of TSLA. OLD Mission Capital LLC bought a new stake in shares of Tesla in the 3rd quarter worth about $258,000. Ironwood Wealth Management LLC. boosted its position in shares of Tesla by 66.0% during the second quarter. Ironwood Wealth Management LLC. now owns 176 shares of the electric vehicle producer’s stock valued at $120,000 after buying an additional 70 shares during the period. Eagle Asset Management Inc. grew its stake in shares of Tesla by 19.6% during the third quarter. Eagle Asset Management Inc. now owns 4,469 shares of the electric vehicle producer’s stock valued at $3,465,000 after buying an additional 732 shares during the last quarter. Banque Pictet & Cie SA raised its holdings in shares of Tesla by 2.8% in the third quarter. Banque Pictet & Cie SA now owns 3,915 shares of the electric vehicle producer’s stock worth $3,036,000 after buying an additional 108 shares during the period. Finally, OneAscent Financial Services LLC purchased a new position in Tesla during the 3rd quarter valued at $538,000. 40.64% of the stock is owned by institutional investors and hedge funds.

Tesla Company Profile (Get Rating)

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.

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