Wells Fargo & Company Lowers Tesla (NASDAQ:TSLA) Price Target to $120.00

Tesla (NASDAQ:TSLA - Get Free Report) had its price target dropped by equities research analysts at Wells Fargo & Company from $125.00 to $120.00 in a report released on Friday, MarketBeat reports. The firm currently has an "underweight" rating on the electric vehicle producer's stock. Wells Fargo & Company's target price indicates a potential downside of 29.85% from the stock's current price.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group decreased their price target on shares of Tesla from $190.00 to $175.00 and set a "neutral" rating on the stock in a research note on Tuesday. Royal Bank of Canada restated an "outperform" rating and issued a $298.00 target price on shares of Tesla in a research note on Wednesday, March 27th. Piper Sandler reduced their target price on shares of Tesla from $225.00 to $205.00 and set an "overweight" rating on the stock in a research note on Wednesday. TD Cowen reduced their price target on shares of Tesla from $200.00 to $180.00 and set a "market perform" rating on the stock in a research report on Thursday, January 25th. Finally, Barclays reduced their price target on shares of Tesla from $250.00 to $225.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 25th. Ten analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Tesla presently has an average rating of "Hold" and an average price target of $198.81.

Tesla Stock Performance

TSLA stock traded down $3.55 on Friday, reaching $171.05. 64,512,828 shares of the company were exchanged, compared to its average volume of 102,285,711. Tesla has a 12 month low of $152.37 and a 12 month high of $299.29. The stock's fifty day moving average price is $182.17 and its 200 day moving average price is $215.21. The firm has a market capitalization of $544.76 billion, a PE ratio of 39.87, a PEG ratio of 3.49 and a beta of 2.39. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.73 and a quick ratio of 1.25.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its 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). Tesla had a return on equity of 16.62% and a net margin of 15.50%. The company had revenue of $25.17 billion for the quarter, compared to the consensus estimate of $25.64 billion. During the same period last year, the firm posted $1.07 EPS. The company's revenue was up 3.5% compared to the same quarter last year. On average, research analysts anticipate that Tesla will post 2.2 EPS for the current fiscal year.

Insider Activity

In related news, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the completion of the sale, the senior vice president now directly owns 31,230 shares of the company's stock, valued at approximately $6,376,229.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the completion of the sale, the senior vice president now directly owns 31,230 shares of the company's stock, valued at approximately $6,376,229.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of the company's stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total value of $16,439,605.20. Following the transaction, the director now directly owns 15,000 shares of the company's stock, valued at approximately $2,631,600. The disclosure for this sale can be found here. Insiders sold a total of 209,098 shares of company stock valued at $38,802,534 in the last ninety days. 25.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Tesla

A number of large investors have recently bought and sold shares of TSLA. Mount Vernon Associates Inc. MD raised its stake in 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 valued at $1,724,000 after acquiring an additional 350 shares during the period. Oak Ridge Investments LLC increased 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 worth $8,065,000 after buying an additional 1,405 shares during the period. Charter Oak Capital Management LLC increased its position in Tesla by 8.9% during the 3rd quarter. Charter Oak Capital Management LLC now owns 1,271 shares of the electric vehicle producer's stock worth $318,000 after buying an additional 104 shares during the period. CWM LLC increased its position in Tesla by 14.4% during the 3rd quarter. CWM LLC now owns 146,740 shares of the electric vehicle producer's stock worth $36,717,000 after buying an additional 18,462 shares during the period. Finally, Corient Private Wealth LLC increased 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 worth $182,352,000 after buying an additional 25,943 shares during the period. Institutional investors and hedge funds 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.