Tesla (NASDAQ:TSLA) Stock Price Down 2.3% Following Analyst Downgrade

Tesla, Inc. (NASDAQ:TSLA) shares fell 2.3% on Thursday after Deutsche Bank Aktiengesellschaft downgraded the stock from a buy rating to a hold rating. Deutsche Bank Aktiengesellschaft now has a $123.00 price target on the stock, down from their previous price target of $189.00. Tesla traded as low as $148.70 and last traded at $151.91. 40,563,556 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 101,070,063 shares. The stock had previously closed at $155.45.

A number of other equities research analysts have also weighed in on TSLA. TD Cowen lowered their price objective on shares of Tesla from $200.00 to $180.00 and set a “market perform” rating for the company in a report on Thursday, January 25th. Barclays lowered their price objective on shares of Tesla from $225.00 to $180.00 and set an “equal weight” rating for the company in a report on Wednesday. Wedbush lowered their price objective on shares of Tesla from $315.00 to $300.00 and set an “outperform” rating for the company in a report on Thursday, March 28th. Sanford C. Bernstein lowered their price objective on shares of Tesla from $150.00 to $120.00 and set an “underperform” rating for the company in a report on Tuesday, March 26th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $298.00 price target on shares of Tesla in a report on Wednesday, March 27th. Ten analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $194.70.

Insiders Place Their Bets

In other news, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the sale, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the sale, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total transaction of $16,439,605.20. Following the completion of the sale, 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 ninety days, insiders sold 209,098 shares of company stock worth $38,802,534. 25.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Tesla

Hedge funds and other institutional investors have recently modified their holdings of the business. Mount Vernon Associates Inc. MD grew its position in shares of Tesla by 5.3% in the 4th quarter. Mount Vernon Associates Inc. MD now owns 6,940 shares of the electric vehicle producer’s stock worth $1,724,000 after buying an additional 350 shares during the period. Oak Ridge Investments LLC grew its position in Tesla by 4.6% during the 3rd quarter. Oak Ridge Investments LLC now owns 32,230 shares of the electric vehicle producer’s stock valued at $8,065,000 after purchasing an additional 1,405 shares during the last quarter. Corient Private Wealth LLC grew its position in Tesla by 3.7% during the 3rd quarter. Corient Private Wealth LLC now owns 728,615 shares of the electric vehicle producer’s stock valued at $182,352,000 after purchasing an additional 25,943 shares during the last quarter. Nordea Investment Management AB grew its position in Tesla by 11.8% during the 4th quarter. Nordea Investment Management AB now owns 776,765 shares of the electric vehicle producer’s stock valued at $193,935,000 after purchasing an additional 81,729 shares during the last quarter. Finally, First National Corp MA ADV grew its position in Tesla by 30.0% during the 4th quarter. First National Corp MA ADV now owns 1,401 shares of the electric vehicle producer’s stock valued at $348,000 after purchasing an additional 323 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Down 2.4 %

The company’s 50-day moving average is $180.24 and its 200 day moving average is $212.64. The company has a market capitalization of $483.10 billion, a PE ratio of 35.25, a P/E/G ratio of 4.15 and a beta of 2.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.25 and a current ratio of 1.73.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). The company 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 revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.07 EPS. As a group, analysts anticipate that Tesla, Inc. will post 1.97 EPS for the current year.

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.