Tesla (NASDAQ:TSLA) Price Target Cut to $370.00 by Analysts at Robert W. Baird

Tesla (NASDAQ:TSLA) had its target price lowered by equities research analysts at Robert W. Baird from $440.00 to $370.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the electric vehicle producer’s stock. Robert W. Baird’s target price indicates a potential upside of 40.86% from the company’s previous close.

Several other equities analysts have also issued reports on TSLA. UBS Group reiterated a “neutral” rating on shares of Tesla in a report on Tuesday. Mizuho reiterated an “outperform” rating and set a $515.00 target price on shares of Tesla in a report on Thursday, January 30th. Royal Bank of Canada reiterated a “mixed” rating on shares of Tesla in a report on Saturday, February 8th. Benchmark started coverage on shares of Tesla in a report on Wednesday, February 12th. They issued a “buy” rating and a $475.00 price objective for the company. Finally, Evercore ISI boosted their price objective on shares of Tesla from $195.00 to $275.00 and gave the stock an “in-line” rating in a report on Friday, January 3rd. Nine analysts have rated the stock with a sell rating, eleven have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $327.37.

Tesla Stock Performance

Tesla stock opened at $262.67 on Thursday. The stock’s 50 day simple moving average is $367.78 and its two-hundred day simple moving average is $318.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The stock has a market cap of $844.88 billion, a price-to-earnings ratio of 128.76, a PEG 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.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) 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%. As a group, analysts expect 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 the company’s stock in a transaction 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 completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $32,643,400. This represents a 56.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 2,672 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $268.73, for a total transaction of $718,046.56. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares of the company’s stock, valued at $7,242,273.50. This represents a 9.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 422,452 shares of company stock valued at $153,659,530 in the last 90 days. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TSLA. Norges Bank bought a new position in Tesla in the 4th quarter worth $14,420,248,000. FMR LLC boosted its holdings in shares of Tesla by 40.1% during the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after purchasing an additional 9,920,325 shares during the last quarter. Strategic Financial Concepts LLC boosted its holdings in shares of Tesla by 36,790.0% during the 4th quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer’s stock valued at $3,497,526,000 after purchasing an additional 8,637,195 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Tesla by 4,963.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock valued at $2,356,288,000 after purchasing an additional 5,719,466 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Tesla by 21.6% during the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock valued at $11,541,592,000 after purchasing an additional 5,075,418 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Company Profile

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.