Truist Financial Lowers Tesla (NASDAQ:TSLA) Price Target to $162.00

Tesla (NASDAQ:TSLA) had its price target lowered by equities researchers at Truist Financial from $176.00 to $162.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the electric vehicle producer’s stock. Truist Financial’s price target would suggest a potential upside of 11.97% from the stock’s previous close.

TSLA has been the topic of a number of other research reports. KGI Securities restated a “neutral” rating and set a $213.00 price objective (down previously from $309.00) on shares of Tesla in a research report on Thursday, January 25th. Daiwa Capital Markets downgraded shares of Tesla from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $245.00 to $195.00 in a research report on Tuesday, February 6th. Oppenheimer restated a “market perform” rating on shares of Tesla in a research report on Tuesday, April 2nd. Bank of America upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $220.00 price objective on the stock in a research report on Wednesday. Finally, Barclays decreased their price objective on shares of Tesla from $225.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Eight analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $190.30.

Tesla Trading Up 1.9 %

NASDAQ:TSLA opened at $144.68 on Wednesday. The company’s 50 day moving average price is $176.81 and its 200-day moving average price is $209.24. Tesla has a 52 week low of $138.80 and a 52 week high of $299.29. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 0.05. The stock has a market cap of $460.78 billion, a price-to-earnings ratio of 33.57, a PEG ratio of 3.75 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). Tesla had a net margin of 15.50% and a return on equity of 16.62%. The firm had revenue of $25.17 billion for the quarter, compared to analysts’ expectations of $25.64 billion. During the same quarter in the previous year, the company earned $1.07 EPS. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, equities research analysts forecast that Tesla will post 1.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction dated 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 transaction, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $5,502,726. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction dated 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 owns 31,230 shares in the company, valued at approximately $5,502,726. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated 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 sale, the director now owns 15,000 shares of the company’s stock, valued at approximately $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 valued at $38,802,534. Company insiders own 20.90% of the company’s stock.

Institutional Investors Weigh In On Tesla

Several hedge funds have recently modified their holdings of the business. Opal Wealth Advisors LLC lifted its position in shares of Tesla by 1.0% in the 3rd quarter. Opal Wealth Advisors LLC now owns 4,353 shares of the electric vehicle producer’s stock worth $1,089,000 after purchasing an additional 42 shares during the period. Holderness Investments Co. lifted its position in Tesla by 1.6% during the third quarter. Holderness Investments Co. now owns 2,599 shares of the electric vehicle producer’s stock valued at $650,000 after acquiring an additional 42 shares during the last quarter. SCS Capital Management LLC lifted its position in Tesla by 0.3% during the third quarter. SCS Capital Management LLC now owns 16,881 shares of the electric vehicle producer’s stock valued at $4,224,000 after acquiring an additional 45 shares during the last quarter. Daymark Wealth Partners LLC lifted its position in Tesla by 0.4% during the fourth quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer’s stock valued at $2,622,000 after acquiring an additional 45 shares during the last quarter. Finally, ML & R Wealth Management LLC lifted its position in Tesla by 2.6% during the third quarter. ML & R Wealth Management LLC now owns 1,819 shares of the electric vehicle producer’s stock valued at $455,000 after acquiring an additional 46 shares during the last quarter. Hedge funds and other 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.