Tesla’s (TSLA) “Underweight” Rating Reaffirmed at Wells Fargo & Company

Tesla (NASDAQ:TSLA)‘s stock had its “underweight” rating reissued by research analysts at Wells Fargo & Company in a research report issued on Monday, Benzinga reports. They presently have a $120.00 price objective on the electric vehicle producer’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 40.28% from the company’s previous close.

TSLA has been the topic of a number of other research reports. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 target price on shares of Tesla in a research note on Monday, June 10th. Royal Bank of Canada dropped their target price on Tesla from $293.00 to $227.00 and set an “outperform” rating for the company in a research report on Thursday, June 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $230.00 price target on shares of Tesla in a research report on Monday, June 24th. Piper Sandler reaffirmed an “overweight” rating and issued a $205.00 price objective on shares of Tesla in a research note on Monday, April 22nd. Finally, Citigroup reissued a “neutral” rating on shares of Tesla in a research note on Wednesday, June 12th. Seven research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $187.30.

Tesla Stock Performance

NASDAQ:TSLA opened at $200.95 on Monday. Tesla has a 52-week low of $138.80 and a 52-week high of $299.29. The business’s fifty day moving average is $177.80 and its 200 day moving average is $191.38. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.17 and a current ratio of 1.72. The firm has a market cap of $640.87 billion, a price-to-earnings ratio of 51.26, a PEG ratio of 4.91 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The business had revenue of $21.30 billion for the quarter, compared to the consensus estimate of $22.15 billion. Research analysts predict that Tesla will post 1.86 EPS for the current year.

Insider Buying and Selling at Tesla

In related news, SVP Xiaotong Zhu sold 650 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was 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 of the company’s stock, valued at $11,350,652.55. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated 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 completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the sale, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. Insiders own 20.90% of the company’s stock.

Institutional Investors Weigh In On Tesla

A number of institutional investors and hedge funds have recently modified their holdings of TSLA. Wyrmwood Management LLC bought a new stake in shares of Tesla during the fourth quarter worth $25,000. Lam Group Inc. purchased a new position in Tesla in the 4th quarter worth about $25,000. Mendota Financial Group LLC lifted its holdings in Tesla by 202.2% during the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock valued at $34,000 after buying an additional 91 shares in the last quarter. OLD Point Trust & Financial Services N A purchased a new stake in Tesla in the 4th quarter valued at about $37,000. Finally, Kathleen S. Wright Associates Inc. grew its stake in Tesla by 111.1% in the 4th quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock worth $47,000 after acquiring an additional 100 shares in 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.