Tesla (NASDAQ:TSLA) Stock Price Down 0.2% Following Analyst Downgrade

Tesla, Inc. (NASDAQ:TSLA)’s stock price was down 0.2% on Thursday after Piper Sandler lowered their price target on the stock from $450.00 to $400.00. Piper Sandler currently has an overweight rating on the stock. Tesla traded as low as $237.68 and last traded at $241.17. Approximately 30,198,597 shares traded hands during trading, a decline of 68% from the average daily volume of 95,747,623 shares. The stock had previously closed at $241.55.

TSLA has been the subject of a number of other research reports. Robert W. Baird cut their price target on shares of Tesla from $440.00 to $370.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Truist Financial reduced their price target on Tesla from $373.00 to $280.00 and set a “hold” rating for the company in a report on Thursday, April 3rd. Royal Bank of Canada dropped their price objective on Tesla from $440.00 to $320.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 18th. Wells Fargo & Company reduced their target price on Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a research note on Friday, March 14th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $425.00 price target on shares of Tesla in a research note on Thursday, April 3rd. Nine investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $292.18.

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $384.04, for a total value of $43,162,255.60. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at $32,643,400. This trade represents a 56.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kimbal Musk sold 75,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.87, for a total value of $27,590,250.00. Following the transaction, the director now directly owns 1,463,220 shares of the company’s stock, valued at approximately $538,274,741.40. The trade was a 4.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 374,228 shares of company stock valued at $123,791,123. 20.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Tesla

A number of hedge funds have recently added to or reduced their stakes in the stock. True Wealth Design LLC grew its position in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Horrell Capital Management Inc. grew its holdings in shares of Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after purchasing an additional 34 shares during the last quarter. Pflug Koory LLC increased its stake in shares of Tesla by 370.4% in the first quarter. Pflug Koory LLC now owns 127 shares of the electric vehicle producer’s stock valued at $33,000 after buying an additional 100 shares during the period. GS Investments Inc. raised its holdings in Tesla by 193.3% in the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after buying an additional 58 shares during the last quarter. Finally, Navigoe LLC acquired a new stake in Tesla during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Down 0.2 %

The stock’s fifty day simple moving average is $275.67 and its two-hundred day simple moving average is $322.33. The stock has a market capitalization of $775.71 billion, a P/E ratio of 118.22, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.