JPMorgan Chase & Co. Cuts Tesla (NASDAQ:TSLA) Price Target to $115.00

Tesla (NASDAQ:TSLA - Get Free Report) had its price objective cut by analysts at JPMorgan Chase & Co. from $120.00 to $115.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the electric vehicle producer's stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 59.64% from the company's previous close.

A number of other brokerages also recently issued reports on TSLA. Stifel Nicolaus lowered their price target on Tesla from $474.00 to $455.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Canaccord Genuity Group reduced their target price on shares of Tesla from $404.00 to $303.00 and set a "buy" rating on the stock in a research note on Wednesday. Guggenheim dropped their price target on shares of Tesla from $175.00 to $170.00 and set a "sell" rating for the company in a research note on Wednesday, March 12th. Truist Financial reduced their price objective on shares of Tesla from $373.00 to $280.00 and set a "hold" rating on the stock in a research report on Thursday, April 3rd. Finally, UBS Group dropped their target price on Tesla from $225.00 to $190.00 and set a "sell" rating for the company in a research report on Thursday, April 10th. Ten investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Tesla has a consensus rating of "Hold" and a consensus price target of $287.46.

Tesla Price Performance

Shares of NASDAQ:TSLA traded up $25.44 on Wednesday, reaching $284.95. The company's stock had a trading volume of 166,882,151 shares, compared to its average volume of 95,960,657. The company has a 50-day simple moving average of $263.98 and a 200 day simple moving average of $323.02. Tesla has a 52-week low of $167.41 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The company has a market cap of $916.55 billion, a P/E ratio of 139.68, a PEG ratio of 5.86 and a beta of 2.58.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). The company had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a return on equity of 10.31% and a net margin of 7.26%. During the same period in the previous year, the firm earned $0.45 earnings per share. As a group, equities research analysts anticipate that Tesla will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction on Monday, April 7th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares of the company's stock, valued at approximately $6,737,500. This represents a 12.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 54,776 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the sale, the director now directly owns 477,011 shares of the company's stock, valued at approximately $114,859,478.69. This represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 374,228 shares of company stock worth $123,791,123 in the last 90 days. Insiders own 20.70% of the company's stock.

Hedge Funds Weigh In On Tesla

Several institutional investors and hedge funds have recently bought and sold shares of TSLA. Cherry Tree Wealth Management LLC grew its position in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 44 shares during the period. First PREMIER Bank raised its stake in shares of Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the period. Newton One Investments LLC boosted its position in shares of Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares during the period. True Wealth Design LLC raised its position in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the period. Finally, Horrell Capital Management Inc. raised its holdings in shares of Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after buying an additional 34 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.