The Goldman Sachs Group Lowers Tesla (NASDAQ:TSLA) Price Target to $285.00

Tesla (NASDAQ:TSLA - Get Free Report) had its price objective decreased by The Goldman Sachs Group from $295.00 to $285.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the electric vehicle producer's stock. The Goldman Sachs Group's price target suggests a potential downside of 7.64% from the company's previous close.

A number of other research analysts have also weighed in on the stock. Wedbush reissued an "outperform" rating and issued a $500.00 target price (up from $350.00) on shares of Tesla in a report on Friday, May 23rd. Oppenheimer restated a "mixed" rating on shares of Tesla in a research report on Tuesday, March 18th. Canaccord Genuity Group lowered their price target on Tesla from $404.00 to $303.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Roth Mkm lowered their price target on Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. lowered their price target on Tesla from $120.00 to $115.00 and set an "underweight" rating for the company in a research report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $293.67.

Tesla Price Performance

Shares of TSLA stock traded up $13.44 on Friday, reaching $308.58. The company's stock had a trading volume of 137,827,105 shares, compared to its average volume of 100,028,690. The stock's fifty day simple moving average is $292.17 and its 200-day simple moving average is $333.51. Tesla has a 1 year low of $167.41 and a 1 year high of $488.54. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $993.92 billion, a price-to-earnings ratio of 151.27, a price-to-earnings-growth ratio of 5.86 and a beta of 2.47.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 7.26% and a return on equity of 10.31%. The business had revenue of $19.34 billion during the quarter, compared to analysts' expectations of $22.93 billion. During the same period last year, the business posted $0.45 earnings per share. Analysts forecast that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the transaction, the director now owns 855,394 shares in the company, valued at $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 1,000 shares of Tesla stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total value of $350,000.00. Following the completion of the transaction, the chief financial officer now owns 1,950 shares in the company, valued at $682,500. This trade represents a 33.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold 818,509 shares of company stock worth $273,791,775 over the last three months. 20.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tesla

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cherry Tree Wealth Management LLC grew its stake in shares of Tesla by 86.3% during 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 last quarter. First PREMIER Bank grew its stake in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC grew its stake in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla during the first quarter worth about $27,000. Finally, True Wealth Design LLC grew its stake in shares of Tesla by 79.5% during the fourth 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. Hedge funds and other institutional investors own 66.20% of the company's stock.

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.