Tesla (NASDAQ:TSLA) Shares Down 3.6% on Analyst Downgrade

by · The Cerbat Gem

Tesla, Inc. (NASDAQ:TSLA – Get Free Report) dropped 3.6% on Thursday after Mizuho lowered their price target on the stock from $540.00 to $480.00. Mizuho currently has an outperform rating on the stock. Tesla traded as low as $368.39 and last traded at $373.72. Approximately 93,206,488 shares traded hands during mid-day trading, an increase of 46% from the average daily volume of 63,631,027 shares. The stock had previously closed at $387.51.

Several other research firms also recently weighed in on TSLA. Morgan Stanley set a $415.00 target price on Tesla and gave the company an “equal weight” rating in a research report on Thursday, January 29th. Stifel Nicolaus set a $508.00 target price on Tesla in a research report on Thursday, January 29th. TD Cowen decreased their target price on Tesla from $519.00 to $490.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. New Street Research raised their target price on Tesla from $520.00 to $600.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Finally, Truist Financial decreased their target price on Tesla from $438.00 to $400.00 and set a “hold” rating on the stock in a research report on Thursday, April 2nd. Eighteen equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and nine have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $399.70.

Check Out Our Latest Stock Report on Tesla

Insider Buying and Selling

In related news, Director Kathleen Wilson-Thompson sold 25,809 shares of Tesla stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $359.33, for a total transaction of $9,273,947.97. Following the transaction, the director owned 33,860 shares in the company, valued at approximately $12,166,913.80. This trade represents a 43.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,264 shares of Tesla stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $397.03, for a total value of $898,875.92. Following the transaction, the chief financial officer owned 18,106 shares in the company, valued at approximately $7,188,625.18. The trade was a 11.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 53,804 shares of company stock worth $20,865,598. 19.90% of the stock is currently owned by company insiders.

Tesla News Roundup

Here are the key news stories impacting Tesla this week:

Institutional Investors Weigh In On Tesla

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TSLA. Norges Bank purchased a new stake in Tesla in the fourth quarter valued at $17,128,100,000. Corient Private Wealth LLC raised its position in Tesla by 3,205.5% in the fourth quarter. Corient Private Wealth LLC now owns 21,459,599 shares of the electric vehicle producer’s stock valued at $9,650,811,000 after purchasing an additional 20,810,386 shares during the period. Bank of America Corp DE raised its position in Tesla by 56.0% in the fourth quarter. Bank of America Corp DE now owns 20,755,605 shares of the electric vehicle producer’s stock valued at $9,334,211,000 after purchasing an additional 7,450,766 shares during the period. Cardano Risk Management B.V. raised its position in Tesla by 882.8% in the fourth quarter. Cardano Risk Management B.V. now owns 8,202,060 shares of the electric vehicle producer’s stock valued at $3,688,630,000 after purchasing an additional 7,367,507 shares during the period. Finally, Vanguard Group Inc. raised its position in Tesla by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 258,925,024 shares of the electric vehicle producer’s stock valued at $116,443,762,000 after purchasing an additional 6,538,720 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

The company has a quick ratio of 1.77, a current ratio of 2.16 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.40 trillion, a PE ratio of 346.04, a P/E/G ratio of 12.22 and a beta of 1.91. The stock has a 50-day simple moving average of $387.63 and a 200 day simple moving average of $421.62.

Tesla (NASDAQ:TSLA – Get Free Report) last posted its earnings results on Thursday, April 23rd. The electric vehicle producer reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Tesla had a return on equity of 4.86% and a net margin of 4.00%.The company had revenue of $22.39 billion for the quarter, compared to the consensus estimate of $22.96 billion. During the same quarter in the previous year, the business earned $0.27 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. Equities analysts expect that Tesla, Inc. will post 1.37 EPS for the current year.

Tesla Company Profile

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Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.

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