Tesla (NASDAQ:TSLA) Downgraded by Cantor Fitzgerald to Neutral

Cantor Fitzgerald downgraded shares of Tesla (NASDAQ:TSLA) from an overweight rating to a neutral rating in a report published on Wednesday, MarketBeat reports. The firm currently has $245.00 price target on the electric vehicle producer’s stock, up from their prior price target of $230.00.

Several other research analysts have also issued reports on TSLA. New Street Research reaffirmed a buy rating and set a $235.00 target price on shares of Tesla in a research report on Tuesday, June 25th. Royal Bank of Canada decreased their price target on Tesla from $293.00 to $227.00 and set an outperform rating for the company in a report on Thursday, June 20th. Piper Sandler reiterated an overweight rating and set a $205.00 price target on shares of Tesla in a report on Monday, April 22nd. Robert W. Baird reiterated an outperform rating and set a $280.00 price target on shares of Tesla in a report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. reduced their target price on Tesla from $130.00 to $115.00 and set an underweight rating for the company in a research note on Wednesday, April 3rd. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Tesla has a consensus rating of Hold and a consensus price target of $204.30.

Tesla Stock Down 0.2 %

Shares of TSLA opened at $219.80 on Wednesday. Tesla has a 52 week low of $138.80 and a 52 week high of $278.98. The stock has a market capitalization of $702.18 billion, a price-to-earnings ratio of 56.07, a PEG ratio of 5.50 and a beta of 2.31. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.17 and a current ratio of 1.91. The stock has a fifty day moving average of $205.68 and a 200-day moving average of $191.23.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 earnings per share. As a group, sell-side analysts anticipate that Tesla will post 1.85 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of Tesla

Several hedge funds have recently added to or reduced their stakes in the business. Kintegral Advisory LLC lifted its stake in Tesla by 13.4% in the second quarter. Kintegral Advisory LLC now owns 83,366 shares of the electric vehicle producer’s stock worth $16,496,000 after purchasing an additional 9,819 shares during the last quarter. Presidio Capital Management LLC lifted its stake in Tesla by 3.2% in the second quarter. Presidio Capital Management LLC now owns 5,053 shares of the electric vehicle producer’s stock worth $1,000,000 after purchasing an additional 156 shares during the last quarter. Whitaker Myers Wealth Managers LTD. lifted its stake in Tesla by 18.9% in the second quarter. Whitaker Myers Wealth Managers LTD. now owns 5,160 shares of the electric vehicle producer’s stock worth $1,021,000 after purchasing an additional 820 shares during the last quarter. Beacon Financial Advisory LLC lifted its stake in Tesla by 3.2% in the second quarter. Beacon Financial Advisory LLC now owns 6,833 shares of the electric vehicle producer’s stock worth $1,352,000 after purchasing an additional 209 shares during the last quarter. Finally, Aletheian Wealth Advisors LLC lifted its stake in Tesla by 7.5% in the second quarter. Aletheian Wealth Advisors LLC now owns 5,207 shares of the electric vehicle producer’s stock worth $1,030,000 after purchasing an additional 365 shares during the last quarter. 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.