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

Tesla (NASDAQ:TSLAGet Free Report) had its price objective decreased by equities research analysts at Piper Sandler from $500.00 to $450.00 in a report issued on Friday, MarketBeat reports. The brokerage currently has an “overweight” rating on the electric vehicle producer’s stock. Piper Sandler’s price objective suggests a potential upside of 40.76% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company reiterated an “underweight” rating and set a $130.00 target price (up from $125.00) on shares of Tesla in a research note on Tuesday, July 14th. Morgan Stanley reduced their price objective on Tesla from $417.00 to $400.00 and set an “equal weight” rating for the company in a research note on Thursday. UBS Group set a $460.00 price objective on Tesla in a research report on Thursday. DZ Bank upgraded shares of Tesla from a “sell” rating to a “hold” rating and set a $385.00 target price for the company in a report on Friday, April 24th. Finally, Erste Group Bank raised Tesla from a “sell” rating to a “hold” rating in a report on Friday, June 5th. Twenty-one investment analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $404.95.

View Our Latest Stock Analysis on TSLA

Tesla Price Performance

Shares of NASDAQ TSLA opened at $319.69 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.62 and a debt-to-equity ratio of 0.09. The stock has a market cap of $1.20 trillion, a P/E ratio of 296.01, a P/E/G ratio of 12.55 and a beta of 1.80. The stock has a 50 day moving average of $402.92 and a two-hundred day moving average of $403.16. Tesla has a twelve month low of $297.82 and a twelve month high of $498.83.

Tesla (NASDAQ:TSLAGet Free Report) last announced its earnings results on Wednesday, July 22nd. The electric vehicle producer reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.17). Tesla had a net margin of 3.67% and a return on equity of 3.88%. The business had revenue of $28.24 billion during the quarter, compared to analyst estimates of $26.42 billion. During the same period in the previous year, the firm earned $0.33 earnings per share. The business’s revenue was up 25.5% compared to the same quarter last year. On average, research analysts forecast that Tesla will post 1.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $450.00, for a total value of $1,350,000.00. Following the transaction, the chief financial officer directly owned 18,106 shares in the company, valued at $8,147,700. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kathleen Wilson-Thompson sold 26,409 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $378.11, for a total value of $9,985,506.99. Following the sale, the director owned 48,399 shares of the company’s stock, valued at $18,300,145.89. The trade was a 35.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,015 shares of company stock worth $12,383,640 in the last quarter. 19.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Naples Global Advisors LLC grew its stake in Tesla by 11.7% during the second quarter. Naples Global Advisors LLC now owns 5,606 shares of the electric vehicle producer’s stock worth $2,358,000 after buying an additional 587 shares during the period. Total Clarity Wealth Management Inc. raised its stake in shares of Tesla by 32.3% in the 2nd quarter. Total Clarity Wealth Management Inc. now owns 5,297 shares of the electric vehicle producer’s stock valued at $2,228,000 after acquiring an additional 1,292 shares during the period. Sivia Capital Partners LLC lifted its holdings in shares of Tesla by 28.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 16,538 shares of the electric vehicle producer’s stock valued at $6,956,000 after acquiring an additional 3,630 shares in the last quarter. Malaga Cove Capital LLC boosted its position in Tesla by 0.3% during the 2nd quarter. Malaga Cove Capital LLC now owns 13,562 shares of the electric vehicle producer’s stock worth $5,704,000 after purchasing an additional 46 shares during the period. Finally, Crewe Advisors LLC boosted its position in Tesla by 3.4% during the 2nd quarter. Crewe Advisors LLC now owns 14,032 shares of the electric vehicle producer’s stock worth $5,902,000 after purchasing an additional 459 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Tesla

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About Tesla

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Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.

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