HSBC Trims Tesla (NASDAQ:TSLA) Target Price to $120.00

Tesla (NASDAQ:TSLA) had its target price trimmed by HSBC from $138.00 to $120.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has a reduce rating on the electric vehicle producer’s stock.

A number of other equities research analysts have also commented on TSLA. Robert W. Baird reaffirmed an outperform rating and issued a $280.00 price objective on shares of Tesla in a research note on Wednesday, April 17th. Sanford C. Bernstein reduced their price objective on shares of Tesla from $150.00 to $120.00 and set an underperform rating on the stock in a research note on Tuesday, March 26th. Piper Sandler reaffirmed an overweight rating and issued a $205.00 price objective on shares of Tesla in a research note on Monday, April 22nd. Jefferies Financial Group reduced their price objective on shares of Tesla from $185.00 to $165.00 and set a hold rating on the stock in a research note on Wednesday, April 10th. Finally, Citigroup reduced their price objective on shares of Tesla from $196.00 to $180.00 and set a neutral rating on the stock in a research note on Friday, April 12th. Eight analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $186.70.

Tesla Trading Down 1.1 %

Shares of NASDAQ TSLA opened at $168.29 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.25 and a current ratio of 1.72. Tesla has a 52-week low of $138.80 and a 52-week high of $299.29. The firm has a 50 day moving average price of $175.04 and a two-hundred day moving average price of $208.00. The stock has a market cap of $535.97 billion, a P/E ratio of 42.93, a price-to-earnings-growth ratio of 4.28 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.03). Tesla had a net margin of 14.37% and a return on equity of 13.18%. The business had revenue of $25.17 billion during the quarter, compared to analyst estimates of $25.64 billion. During the same quarter last year, the company posted $1.07 earnings per share. The company’s revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts forecast that Tesla will post 1.97 EPS for the current year.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 93,706 shares of Tesla stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at $2,920,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Robyn M. Denholm sold 93,706 shares of Tesla stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at $2,920,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 687 shares of Tesla stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total value of $121,674.57. Following the completion of the sale, the senior vice president now owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The disclosure for this sale can be found here. Insiders sold 209,098 shares of company stock worth $38,802,534 over the last three months. 25.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tesla

Several institutional investors and hedge funds have recently added to or reduced their stakes in TSLA. Norges Bank purchased a new stake in Tesla in the fourth quarter valued at approximately $7,844,757,000. International Assets Investment Management LLC grew its holdings in Tesla by 25,990.7% in the 4th quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock valued at $1,541,273,000 after buying an additional 6,179,032 shares in the last quarter. Vanguard Group Inc. grew its holdings in Tesla by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after buying an additional 3,866,361 shares in the last quarter. California Public Employees Retirement System grew its holdings in Tesla by 34.0% in the 3rd quarter. California Public Employees Retirement System now owns 9,032,207 shares of the electric vehicle producer’s stock valued at $2,260,039,000 after buying an additional 2,293,344 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Tesla by 7.8% during the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock worth $7,546,823,000 after purchasing an additional 2,177,397 shares during the period. Hedge funds and other 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.