JMP Securities Trims Tesla (TSLA) Target Price to $369.00

Tesla (NASDAQ:TSLA) had its price objective decreased by JMP Securities from $374.00 to $369.00 in a report issued on Thursday, BenzingaRatingsTable reports. JMP Securities currently has a market outperform rating on the electric vehicle producer’s stock.

Several other brokerages have also weighed in on TSLA. Goldman Sachs Group reaffirmed a sell rating and set a $210.00 price objective on shares of Tesla in a research report on Friday, March 1st. Sanford C. Bernstein reaffirmed a neutral rating and set a $325.00 price objective on shares of Tesla in a research report on Friday, March 29th. Roth Capital set a $240.00 price objective on shares of Tesla and gave the company a hold rating in a research report on Tuesday, April 23rd. Cowen set a $170.00 price objective on shares of Tesla and gave the company a sell rating in a research report on Thursday, April 4th. Finally, Barclays reaffirmed a sell rating and set a $192.00 price objective on shares of Tesla in a research report on Tuesday, March 19th. Sixteen analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company. Tesla presently has an average rating of Hold and a consensus price target of $310.68.

Shares of TSLA stock traded down $12.49 during trading on Thursday, hitting $235.14. 22,069,004 shares of the company were exchanged, compared to its average volume of 9,410,398. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.52 and a current ratio of 0.83. The stock has a market cap of $40.61 billion, a P/E ratio of -41.11 and a beta of 0.35. Tesla has a twelve month low of $231.13 and a twelve month high of $387.46.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, April 24th. The electric vehicle producer reported ($4.10) EPS for the quarter, missing the consensus estimate of ($2.51) by ($1.59). The company had revenue of $4.54 billion for the quarter, compared to analyst estimates of $5.18 billion. Tesla had a negative return on equity of 18.41% and a negative net margin of 4.29%. The business’s revenue for the quarter was up 33.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($3.35) earnings per share. Sell-side analysts predict that Tesla will post -2.01 EPS for the current year.

In related news, insider Jeffrey B. Straubel sold 15,000 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $267.50, for a total transaction of $4,012,500.00. Following the transaction, the insider now owns 306,748 shares of the company’s stock, valued at $82,055,090. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Antonio J. Gracias sold 16,780 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $275.92, for a total transaction of $4,629,937.60. Following the transaction, the director now directly owns 8,728 shares in the company, valued at approximately $2,408,229.76. The disclosure for this sale can be found here. In the last three months, insiders sold 98,040 shares of company stock worth $28,575,874. Insiders own 22.80% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. increased its position in Tesla by 0.8% during the fourth quarter. Baillie Gifford & Co. now owns 13,234,382 shares of the electric vehicle producer’s stock worth $4,404,403,000 after acquiring an additional 108,931 shares during the period. Vanguard Group Inc increased its position in Tesla by 0.8% during the third quarter. Vanguard Group Inc now owns 7,036,426 shares of the electric vehicle producer’s stock worth $1,863,034,000 after acquiring an additional 59,018 shares during the period. Jennison Associates LLC increased its position in Tesla by 10.5% during the fourth quarter. Jennison Associates LLC now owns 5,322,358 shares of the electric vehicle producer’s stock worth $1,771,281,000 after acquiring an additional 505,076 shares during the period. Norges Bank bought a new position in Tesla during the fourth quarter worth $470,949,000. Finally, Northern Trust Corp increased its position in Tesla by 7.4% during the fourth quarter. Northern Trust Corp now owns 914,631 shares of the electric vehicle producer’s stock worth $304,389,000 after acquiring an additional 63,066 shares during the period. 59.55% of the stock is currently owned by institutional investors and hedge funds.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

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