JPMorgan Chase & Co. Lowers Tesla (NASDAQ:TSLA) Price Target to $445.00

Tesla (NASDAQ:TSLAGet Free Report) had its price target dropped by JPMorgan Chase & Co. from $475.00 to $445.00 in a research note issued on Thursday. The firm presently has a “neutral” rating on the electric vehicle producer’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 38.11% from the stock’s previous close.

TSLA has been the subject of a number of other reports. UBS Group set a $460.00 price target on Tesla in a research report on Thursday. TD Cowen reiterated a “buy” rating and issued a $460.00 price target (down from $490.00) on shares of Tesla in a report on Thursday. Oppenheimer restated a “market perform” rating on shares of Tesla in a report on Thursday. Evercore upgraded shares of Tesla from a “hold” rating to an “outperform” rating in a research note on Friday, June 5th. Finally, Glj Research reiterated a “sell” rating on shares of Tesla in a report on Tuesday. Twenty-one analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $406.42.

Read Our Latest Research Report on TSLA

Tesla Stock Down 13.9%

Shares of TSLA traded down $51.81 during mid-day trading on Thursday, reaching $322.20. The company had a trading volume of 42,639,536 shares, compared to its average volume of 56,312,199. The firm has a 50-day moving average price of $405.39 and a 200 day moving average price of $404.00. Tesla has a 52 week low of $297.82 and a 52 week high of $498.83. The company has a market capitalization of $1.21 trillion, a price-to-earnings ratio of 296.50, a price-to-earnings-growth ratio of 12.72 and a beta of 1.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.62 and a current ratio of 2.04.

Tesla (NASDAQ:TSLAGet Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The electric vehicle producer reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.17). The business had revenue of $28.24 billion during the quarter, compared to analysts’ expectations of $26.42 billion. Tesla had a return on equity of 4.89% and a net margin of 3.95%.The firm’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 earnings per share. On average, sell-side analysts forecast that Tesla will post 1.34 EPS for the current year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $402.20, for a total value of $1,048,133.20. Following the sale, the chief financial officer directly owned 22,039 shares of the company’s stock, valued at approximately $8,864,085.80. This represents a 10.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 on Thursday, April 30th. The shares were sold at an average price of $378.11, for a total transaction of $9,985,506.99. Following the completion of the transaction, the director owned 48,399 shares of the company’s stock, valued at approximately $18,300,145.89. This represents a 35.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,015 shares of company stock valued at $12,383,640 over the last quarter. 19.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tesla

Several large investors have recently made changes to their positions in TSLA. Brighton Jones LLC grew its position in shares of Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after buying an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after purchasing an additional 931 shares during the period. Bison Wealth LLC raised its stake in shares of Tesla by 52.2% during the fourth quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock worth $4,187,000 after purchasing an additional 3,558 shares during the last quarter. Sivia Capital Partners LLC boosted its holdings in Tesla by 9.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 12,135 shares of the electric vehicle producer’s stock valued at $3,855,000 after purchasing an additional 1,011 shares in the last quarter. Finally, AGP Franklin LLC increased its position in Tesla by 21.2% during the 2nd quarter. AGP Franklin LLC now owns 4,861 shares of the electric vehicle producer’s stock worth $1,544,000 after purchasing an additional 851 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla News Roundup

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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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