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

Tesla (NASDAQ:TSLA) had its price target dropped by stock analysts at Royal Bank of Canada from $440.00 to $320.00 in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage currently has an “outperform” rating on the electric vehicle producer’s stock. Royal Bank of Canada’s price objective points to a potential upside of 34.45% from the stock’s previous close.

TSLA has been the topic of several other reports. Roth Capital upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Evercore ISI upped their target price on Tesla from $195.00 to $275.00 and gave the stock an “in-line” rating in a report on Friday, January 3rd. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research note on Monday, February 10th. Morgan Stanley reiterated a “top pick” rating and set a $430.00 price objective on shares of Tesla in a research note on Monday, March 3rd. Finally, Barclays upped their price target on shares of Tesla from $270.00 to $325.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 15th. Nine investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $319.25.

Tesla Stock Down 4.8 %

TSLA stock opened at $238.01 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The stock has a market capitalization of $765.56 billion, a P/E ratio of 116.67, a P/E/G ratio of 5.86 and a beta of 2.50. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The business has a 50-day moving average of $347.85 and a 200-day moving average of $320.53.

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

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 54,776 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $240.79, for a total value of $13,189,513.04. Following the transaction, the director now directly owns 477,011 shares of the company’s stock, valued at $114,859,478.69. This trade represents a 10.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at approximately $45,063,565.40. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,228 shares of company stock valued at $166,849,043 over the last quarter. 20.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tesla

A number of institutional investors have recently modified their holdings of the business. True Wealth Design LLC raised its stake in 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 acquiring an additional 31 shares in the last quarter. Horrell Capital Management Inc. boosted 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 valued at $32,000 after purchasing an additional 34 shares in the last quarter. GS Investments Inc. increased its stake in shares of Tesla by 193.3% in the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after buying an additional 58 shares during the period. Navigoe LLC bought a new position in Tesla in the 4th quarter valued at approximately $37,000. Finally, CoreFirst Bank & Trust acquired a new position in Tesla in the 4th quarter valued at 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.