Tesla (NASDAQ:TSLA) Price Target Cut to $258.00

Tesla (NASDAQ:TSLA) had its price objective dropped by Citigroup from $274.00 to $258.00 in a report released on Wednesday, Marketbeat Ratings reports. The firm currently has a “neutral” rating on the electric vehicle producer’s stock. Citigroup’s price target indicates a potential upside of 17.14% from the company’s previous close.

TSLA has been the subject of a number of other reports. Truist Financial reaffirmed a “hold” rating and set a $162.00 price target on shares of Tesla in a research report on Wednesday, July 3rd. Roth Mkm reiterated a “neutral” rating and issued a $85.00 target price on shares of Tesla in a research note on Wednesday, April 24th. The Goldman Sachs Group boosted their price target on Tesla from $175.00 to $248.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 10th. Stifel Nicolaus initiated coverage on shares of Tesla in a research report on Tuesday, June 25th. They issued a “buy” rating and a $265.00 price objective for the company. Finally, Robert W. Baird reissued an “outperform” rating and set a $280.00 target price on shares of Tesla in a research report on Tuesday, July 16th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $201.75.

Tesla Price Performance

TSLA stock opened at $220.25 on Wednesday. The stock has a 50-day moving average price of $204.83 and a two-hundred day moving average price of $191.38. The company has a market cap of $702.42 billion, a PE ratio of 56.19, a price-to-earnings-growth ratio of 6.15 and a beta of 2.31. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04. Tesla has a 12-month low of $138.80 and a 12-month high of $278.98.

Tesla (NASDAQ:TSLA) last posted its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.68% and a net margin of 13.00%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $0.78 EPS. As a group, research analysts predict that Tesla will post 1.85 EPS for the current year.

Insider Buying and Selling

In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lam Group Inc. acquired a new position in shares of Tesla during the fourth quarter valued at approximately $25,000. Bank & Trust Co acquired a new position in shares of Tesla during the 2nd quarter valued at $25,000. Mendota Financial Group LLC raised its stake in shares of Tesla by 202.2% in the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after buying an additional 91 shares in the last quarter. OLD Point Trust & Financial Services N A acquired a new stake in shares of Tesla in the fourth quarter valued at $37,000. Finally, Guardian Wealth Management Inc. bought a new position in Tesla during the fourth quarter valued at about $47,000. 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.