Tesla (NASDAQ:TSLA) Given Reduce Rating at HSBC

HSBC reaffirmed their reduce rating on shares of Tesla (NASDAQ:TSLA - Free Report) in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a $120.00 target price on the electric vehicle producer's stock.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price objective on shares of Tesla from $120.00 to $115.00 and set an "underweight" rating for the company in a report on Wednesday, April 23rd. Mizuho raised their price target on Tesla from $325.00 to $390.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Cowen raised Tesla from a "hold" rating to a "buy" rating in a research note on Thursday, March 6th. Piper Sandler reiterated an "overweight" rating and set a $400.00 price objective on shares of Tesla in a research report on Tuesday, June 10th. Finally, Guggenheim restated a "sell" rating and issued a $175.00 target price on shares of Tesla in a research report on Monday, June 23rd. Ten analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $301.24.

Tesla Price Performance

NASDAQ TSLA traded down $2.09 during trading on Thursday, reaching $313.56. The company's stock had a trading volume of 58,042,302 shares, compared to its average volume of 101,137,163. The firm has a fifty day moving average of $319.28 and a 200 day moving average of $328.10. Tesla has a one year low of $182.00 and a one year high of $488.54. The stock has a market capitalization of $1.01 trillion, a PE ratio of 172.29, a P/E/G ratio of 9.17 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted 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). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The company had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter last year, the company posted $0.45 earnings per share. Analysts expect that Tesla will post 2.56 EPS for the current fiscal year.

Insider Activity at Tesla

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director directly owned 855,394 shares in the company, valued at approximately $305,632,276.20. This trade represents 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 accessible through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 833,509 shares of company stock worth $278,648,925 over the last 90 days. 20.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. TrueWealth Advisors LLC lifted its stake in Tesla by 2.1% during the 2nd quarter. TrueWealth Advisors LLC now owns 4,063 shares of the electric vehicle producer's stock valued at $1,291,000 after acquiring an additional 85 shares during the period. McLean Asset Management Corp boosted its holdings in Tesla by 2.3% in the second quarter. McLean Asset Management Corp now owns 2,397 shares of the electric vehicle producer's stock worth $757,000 after purchasing an additional 55 shares during the last quarter. Sage Capital Advisors llc grew its position in Tesla by 13.9% in the 2nd quarter. Sage Capital Advisors llc now owns 1,169 shares of the electric vehicle producer's stock worth $371,000 after purchasing an additional 143 shares during the period. HBW Advisory Services LLC raised its stake in Tesla by 5.1% during the 2nd quarter. HBW Advisory Services LLC now owns 15,613 shares of the electric vehicle producer's stock valued at $4,960,000 after buying an additional 755 shares during the last quarter. Finally, Crumly & Associates Inc. lifted its holdings in shares of Tesla by 25.5% during the 2nd quarter. Crumly & Associates Inc. now owns 4,497 shares of the electric vehicle producer's stock valued at $1,429,000 after buying an additional 913 shares during the period. 66.20% of the stock is owned by institutional investors.

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.