Tesla (NASDAQ:TSLA) Price Target Cut to $120.00

Tesla (NASDAQ:TSLA - Free Report) had its price target lowered by HSBC from $138.00 to $120.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a reduce rating on the electric vehicle producer's stock.

TSLA has been the subject of a number of other research reports. Oppenheimer restated a market perform rating on shares of Tesla in a research note on Wednesday. Robert W. Baird reiterated an outperform rating and issued a $280.00 target price on shares of Tesla in a research note on Wednesday, April 17th. UBS Group cut their target price on shares of Tesla from $160.00 to $147.00 and set a neutral rating for the company in a research note on Wednesday. Royal Bank of Canada cut their target price on shares of Tesla from $294.00 to $293.00 and set an outperform rating for the company in a research note on Wednesday. Finally, Truist Financial lowered their price target on shares of Tesla from $176.00 to $162.00 and set a hold rating for the company in a report on Wednesday. Eight analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $186.22.

Tesla Stock Up 12.1 %

Shares of NASDAQ:TSLA traded up $17.45 during midday trading on Wednesday, hitting $162.13. 180,807,331 shares of the stock were exchanged, compared to its average volume of 103,011,320. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.25 and a current ratio of 1.73. Tesla has a 52-week low of $138.80 and a 52-week high of $299.29. The business's fifty day simple moving average is $176.28 and its two-hundred day simple moving average is $208.91. The company has a market capitalization of $516.35 billion, a PE ratio of 37.62, a P/E/G ratio of 3.75 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.03). The business had revenue of $25.17 billion during the quarter, compared to analyst estimates of $25.64 billion. Tesla had a net margin of 15.50% and a return on equity of 16.62%. The company's revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.07 earnings per share. As a group, research analysts predict that Tesla will post 1.97 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the sale, the director now directly owns 15,000 shares of the company's stock, valued at approximately $2,920,950. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the sale, the director now directly owns 15,000 shares of the company's stock, valued at approximately $2,920,950. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robyn M. Denholm sold 93,705 shares of the business's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total transaction of $16,439,605.20. Following the sale, the director now directly owns 15,000 shares in the company, valued at $2,631,600. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 209,098 shares of company stock valued at $38,802,534. 20.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Opal Wealth Advisors LLC increased its stake in shares of Tesla by 1.0% during 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 last quarter. Holderness Investments Co. increased its stake in shares of Tesla by 1.6% during the 3rd quarter. Holderness Investments Co. now owns 2,599 shares of the electric vehicle producer's stock worth $650,000 after purchasing an additional 42 shares during the last quarter. SCS Capital Management LLC increased its stake in shares of Tesla by 0.3% during the 3rd quarter. SCS Capital Management LLC now owns 16,881 shares of the electric vehicle producer's stock worth $4,224,000 after purchasing an additional 45 shares during the last quarter. Daymark Wealth Partners LLC increased its stake in shares of Tesla by 0.4% during the 4th quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer's stock worth $2,622,000 after purchasing an additional 45 shares during the last quarter. Finally, ML & R Wealth Management LLC grew its stake in Tesla by 2.6% in the 3rd quarter. ML & R Wealth Management LLC now owns 1,819 shares of the electric vehicle producer's stock valued at $455,000 after buying an additional 46 shares during the last quarter. 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.