Tesla (NASDAQ:TSLA) Cut to Hold at Zacks Investment Research

Tesla (NASDAQ:TSLAGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks.com reports. They presently have a $1,034.00 price objective on the electric vehicle producer’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 3.41% from the stock’s current price.

According to Zacks, “Shares of Tesla have handily outperformed the Zacks Automotive – Domestic industry over the past year. Rising deliveries of Models 3 and Y are aiding Tesla’s top-line growth. Despite the chip crisis, Tesla reported record deliveries of 310,048 units for first-quarter 2022. Additionally, Tesla’s energy generation and storage revenues are growing, thanks to positive reception of Megapack and Powerwall products. However, Tesla is battling severe chip crisis aggravated by the Russia-Ukraine war. The EV king also had to halt production at the Shanghai gigafactory for three weeks since Mar 28 amid COVID-19 restrictions, which is likely to weigh on the firm’s Q2 output. Logistical challenges, rising commodity costs and a high capex cut may limit cash flows. Thus, it is advised to wait for a better entry point.”

Other equities analysts have also recently issued reports about the company. TheStreet cut Tesla from a “b” rating to a “c+” rating in a report on Monday, December 20th. Oppenheimer raised their price objective on Tesla from $1,080.00 to $1,103.00 and gave the company an “outperform” rating in a report on Thursday, January 27th. StockNews.com assumed coverage on Tesla in a report on Thursday, March 31st. They set a “hold” rating on the stock. Credit Suisse Group raised Tesla from a “neutral” rating to an “outperform” rating and set a $1,025.00 price objective on the stock in a report on Monday, January 31st. Finally, Wedbush started coverage on Tesla in a report on Monday, April 4th. They set a “buy” rating and a $1,400.00 price objective on the stock. Eight research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $938.79.

Shares of NASDAQ:TSLA traded up $14.92 on Monday, hitting $999.92. The company’s stock had a trading volume of 351,820 shares, compared to its average volume of 26,112,328. The company has a 50-day simple moving average of $926.77 and a 200 day simple moving average of $976.96. Tesla has a 1 year low of $546.98 and a 1 year high of $1,243.49. The company has a market capitalization of $1.00 trillion, a PE ratio of 204.33, a PEG ratio of 4.22 and a beta of 2.08. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.38 and a quick ratio of 1.08.

Tesla (NASDAQ:TSLAGet Rating) last released its quarterly earnings results on Wednesday, January 26th. The electric vehicle producer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.37. Tesla had a return on equity of 20.36% and a net margin of 10.25%. The firm had revenue of $17.72 billion for the quarter, compared to analysts’ expectations of $16.65 billion. During the same quarter last year, the firm posted $0.24 EPS. The company’s revenue was up 65.6% compared to the same quarter last year. On average, equities research analysts expect that Tesla will post 7.81 earnings per share for the current fiscal year.

In other news, CAO Vaibhav Taneja sold 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, April 5th. The stock was sold at an average price of $1,141.94, for a total value of $1,484,522.00. Following the completion of the transaction, the chief accounting officer now owns 25,985 shares in the company, valued at approximately $29,673,310.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Andrew D. Baglino sold 3,500 shares of Tesla stock in a transaction on Monday, March 28th. The shares were sold at an average price of $1,065.00, for a total value of $3,727,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,121 shares of company stock valued at $62,619,390. 25.00% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Tesla by 4.7% during the third quarter. BlackRock Inc. now owns 52,829,488 shares of the electric vehicle producer’s stock valued at $40,968,213,000 after buying an additional 2,377,179 shares during the last quarter. Capital World Investors raised its stake in shares of Tesla by 0.4% in the third quarter. Capital World Investors now owns 37,427,314 shares of the electric vehicle producer’s stock worth $29,024,320,000 after purchasing an additional 144,749 shares during the last quarter. State Street Corp raised its stake in shares of Tesla by 4.0% in the fourth quarter. State Street Corp now owns 32,465,720 shares of the electric vehicle producer’s stock worth $34,309,124,000 after purchasing an additional 1,235,579 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Tesla by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 13,571,554 shares of the electric vehicle producer’s stock worth $14,302,749,000 after purchasing an additional 401,615 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Tesla by 2.9% in the third quarter. Jennison Associates LLC now owns 10,630,339 shares of the electric vehicle producer’s stock worth $8,243,615,000 after purchasing an additional 297,926 shares during the last quarter. Institutional investors and hedge funds own 40.64% of the company’s stock.

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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