Truist Financial Cuts Tesla (NASDAQ:TSLA) Price Target to $162.00

Tesla (NASDAQ:TSLA) had its price target trimmed by Truist Financial from $176.00 to $162.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a hold rating on the electric vehicle producer’s stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group cut their target price on shares of Tesla from $185.00 to $165.00 and set a hold rating on the stock in a research note on Wednesday, April 10th. Edward Jones downgraded shares of Tesla from a buy rating to a hold rating in a research note on Friday, January 26th. Guggenheim reissued a sell rating and set a $122.00 target price on shares of Tesla in a research note on Tuesday. UBS Group lowered their price target on shares of Tesla from $225.00 to $165.00 and set a neutral rating on the stock in a report on Thursday, March 14th. Finally, Royal Bank of Canada restated an outperform rating and set a $298.00 price target on shares of Tesla in a report on Wednesday, March 27th. Eight research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $186.70.

Tesla Price Performance

NASDAQ TSLA opened at $168.29 on Wednesday. The stock has a market capitalization of $535.97 billion, a P/E ratio of 42.93, a P/E/G ratio of 4.28 and a beta of 2.39. Tesla has a 1 year low of $138.80 and a 1 year high of $299.29. The business’s fifty day moving average is $175.04 and its two-hundred day moving average is $208.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.25 and a current ratio of 1.72.

Tesla (NASDAQ:TSLA) last announced its 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). Tesla had a net margin of 14.37% and a return on equity of 13.18%. The firm had revenue of $25.17 billion for the quarter, compared to analyst estimates of $25.64 billion. During the same period last year, the firm earned $1.07 earnings per share. Tesla’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, research analysts forecast that Tesla will post 1.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the completion of the transaction, the senior vice president now 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 can be accessed through this hyperlink. In other news, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the completion of the transaction, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 687 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the transaction, the senior vice president now directly owns 63,171 shares of the company’s stock, valued at approximately $11,188,215.81. 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 quarter. Insiders own 25.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Wyrmwood Management LLC acquired a new position in shares of Tesla during the fourth quarter valued at about $25,000. Lam Group Inc. acquired a new position in Tesla in the fourth quarter worth about $25,000. Mendota Financial Group LLC raised its position in Tesla by 202.2% in the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after purchasing an additional 91 shares in the last quarter. Ogorek Anthony Joseph NY ADV raised its position in Tesla by 94.5% in the third quarter. Ogorek Anthony Joseph NY ADV now owns 142 shares of the electric vehicle producer’s stock worth $35,000 after purchasing an additional 69 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A acquired a new position in Tesla in the fourth quarter worth about $37,000. 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.