Tesla (NASDAQ:TSLA) Price Target Lowered to $320.00 at Royal Bank of Canada

Tesla (NASDAQ:TSLA) had its target price cut by Royal Bank of Canada from $440.00 to $320.00 in a research note released on Tuesday morning, Marketbeat.com reports. They currently have an outperform rating on the electric vehicle producer’s stock.

A number of other equities research analysts have also commented on TSLA. Stifel Nicolaus decreased their price target on Tesla from $492.00 to $474.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $365.00 price objective on shares of Tesla in a report on Wednesday, January 29th. New Street Research raised Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price objective on the stock in a report on Monday, January 6th. Bank of America reduced their price objective on Tesla from $490.00 to $380.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Finally, Truist Financial upped their price objective on Tesla from $351.00 to $373.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Nine analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Tesla currently has an average rating of “Hold” and a consensus price target of $319.25.

Tesla Trading Down 5.3 %

TSLA stock opened at $225.31 on Tuesday. Tesla has a 1-year low of $138.80 and a 1-year high of $488.54. The firm has a market cap of $724.71 billion, a P/E ratio of 110.45, a P/E/G ratio of 5.86 and a beta of 2.50. The business’s 50 day moving average is $344.47 and its 200-day moving average is $320.61. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. Equities analysts anticipate that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $32,643,400. This trade represents a 56.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of Tesla stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the completion of the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at $45,063,565.40. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 477,228 shares of company stock worth $166,849,043. Corporate insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Hedge funds and other institutional investors have recently modified their holdings of the stock. True Wealth Design LLC grew its stake in shares of Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after buying an additional 31 shares during the last quarter. Horrell Capital Management Inc. grew its stake in shares of Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after buying an additional 34 shares during the last quarter. GS Investments Inc. grew its stake in shares of Tesla by 193.3% during the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock worth $36,000 after buying an additional 58 shares during the last quarter. Navigoe LLC bought a new stake in shares of Tesla during the fourth quarter worth $37,000. Finally, CoreFirst Bank & Trust bought a new stake in shares of Tesla during the fourth quarter worth $38,000. 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.