Tesla (NASDAQ:TSLA) PT Lowered to $224.00

Tesla (NASDAQ:TSLA) had its price objective reduced by research analysts at Royal Bank of Canada from $227.00 to $224.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the electric vehicle producer’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 12.00% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. Piper Sandler increased their price target on Tesla from $205.00 to $300.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Guggenheim restated a “sell” rating and issued a $134.00 target price on shares of Tesla in a research note on Tuesday, July 23rd. The Goldman Sachs Group decreased their price target on Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 price objective on shares of Tesla in a research report on Monday, June 10th. Finally, Stifel Nicolaus initiated coverage on Tesla in a research report on Tuesday, June 25th. They set a “buy” rating and a $265.00 target price for the company. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $204.21.

Tesla Stock Up 0.6 %

TSLA stock traded up $1.16 during midday trading on Thursday, reaching $200.00. 58,648,274 shares of the company’s stock traded hands, compared to its average volume of 100,019,031. Tesla has a 52 week low of $138.80 and a 52 week high of $278.98. The company has a market cap of $637.84 billion, a price-to-earnings ratio of 51.02, a P/E/G ratio of 5.18 and a beta of 2.31. The firm’s fifty day moving average price is $212.04 and its 200-day moving average price is $190.53. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). The business had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. Tesla’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 EPS. As a group, sell-side analysts forecast that Tesla will post 1.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Xiaotong Zhu sold 650 shares of the firm’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 sale, the senior vice president now owns 65,155 shares in the company, valued at approximately $11,350,652.55. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value 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 is available through the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares in the company, valued at $18,696,600. The disclosure for this sale can be found here. 25.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tesla

Several institutional investors and hedge funds have recently made changes to their positions in TSLA. Lam Group Inc. purchased a new position in shares of Tesla in the fourth quarter worth $25,000. Bank & Trust Co purchased a new position in shares of Tesla in the second quarter valued at about $25,000. Valley Wealth Managers Inc. purchased a new stake in shares of Tesla during the second quarter worth about $26,000. OLD Point Trust & Financial Services N A bought a new stake in shares of Tesla in the fourth quarter worth about $37,000. Finally, Kessler Investment Group LLC increased its holdings in Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock valued at $38,000 after purchasing an additional 51 shares during the period. 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.