Tesla (NASDAQ:TSLA) Price Target Cut to $450.00 by Analysts at Piper Sandler

Tesla (NASDAQ:TSLA) had its price objective decreased by research analysts at Piper Sandler from $500.00 to $450.00 in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has an “overweight” rating on the electric vehicle producer’s stock. Piper Sandler’s target price suggests a potential upside of 80.93% from the company’s current price.

Other analysts also recently issued reports about the company. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Monday, February 10th. Stifel Nicolaus cut their target price on Tesla from $492.00 to $474.00 and set a “buy” rating for the company in a research report on Monday, February 10th. Wells Fargo & Company dropped their price objective on Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a research report on Friday, March 14th. Mizuho dropped their price objective on Tesla from $515.00 to $430.00 and set an “outperform” rating for the company in a research report on Monday, March 17th. Finally, Bank of America dropped their price objective on Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Nine research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Tesla currently has an average rating of “Hold” and an average price target of $318.93.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $248.71 on Thursday. 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’s fifty day moving average price is $335.19 and its two-hundred day moving average price is $319.68. Tesla has a one year low of $138.80 and a one year high of $488.54. The firm has a market cap of $799.98 billion, a price-to-earnings ratio of 121.92, a P/E/G ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. On average, equities analysts forecast that Tesla will post 2.56 EPS for the current year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,672 shares of the 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 transaction, the chief financial officer now owns 26,950 shares in the company, valued at approximately $7,242,273.50. This represents a 9.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James R. Murdoch sold 54,776 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the completion of the transaction, the director now owns 477,011 shares in the company, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 477,228 shares of company stock valued at $166,849,043 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TSLA. True Wealth Design LLC lifted its holdings in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 31 shares in 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 valued at $32,000 after purchasing an additional 34 shares during the last quarter. GS Investments Inc. boosted its holdings in shares of Tesla by 193.3% in the 4th 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 position in Tesla during the fourth quarter valued at about $37,000. Finally, CoreFirst Bank & Trust purchased a new stake in Tesla during the fourth quarter worth about $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.