Piper Sandler Lowers Tesla (NASDAQ:TSLA) Price Target to $450.00

Tesla (NASDAQ:TSLA) had its price target decreased by Piper Sandler from $500.00 to $450.00 in a report issued on Thursday, MarketBeat.com reports. The firm presently has an “overweight” rating on the electric vehicle producer’s stock. Piper Sandler’s price objective would indicate a potential upside of 80.93% from the company’s current price.

A number of other brokerages have also recently issued reports on TSLA. Canaccord Genuity Group reissued a “buy” rating and set a $404.00 price objective on shares of Tesla in a report on Monday, March 17th. Deutsche Bank Aktiengesellschaft lifted their price objective on Tesla from $295.00 to $370.00 and gave the company a “buy” rating in a report on Monday, December 9th. Wedbush reissued an “outperform” rating and set a $550.00 price objective on shares of Tesla in a report on Friday, March 7th. Bank of America lowered their target price on Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Finally, Cowen upgraded Tesla from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th. Nine investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $318.93.

Tesla Stock Up 5.3 %

Shares of TSLA stock opened at $248.71 on Thursday. The stock has a market cap of $799.98 billion, a P/E ratio of 121.92, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. Tesla has a one year low of $138.80 and a one year high of $488.54. The stock has a fifty day moving average price of $335.19 and a 200 day moving average price of $319.68. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61.

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

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 2,672 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $268.73, for a total value of $718,046.56. Following the sale, the chief financial officer now owns 26,950 shares in the company, valued at approximately $7,242,273.50. The trade was a 9.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $411.63, for a total value of $41,163,000.00. Following the completion of the sale, the director now owns 5,400 shares in the company, valued at $2,222,802. The trade was a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 477,228 shares of company stock worth $166,849,043 in the last 90 days. Corporate insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. True Wealth Design LLC increased its position in shares of Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 31 shares during the last quarter. Horrell Capital Management Inc. increased its position in shares of Tesla by 75.6% during the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after purchasing an additional 34 shares during the last quarter. GS Investments Inc. increased its position in shares of Tesla by 193.3% during the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 58 shares during the last quarter. Navigoe LLC acquired a new position in shares of Tesla during the 4th quarter worth approximately $37,000. Finally, CoreFirst Bank & Trust acquired a new position in shares of Tesla during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds 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.