Royal Bank Of Canada Cuts Tesla Inc. (TSLA) Price Target to $340.00

Tesla Inc. (NASDAQ:TSLA) had its target price lowered by Royal Bank Of Canada from $345.00 to $340.00 in a research note issued to investors on Thursday morning, MarketBeat reports. The firm currently has a sector perform rating on the electric vehicle producer’s stock.

TSLA has been the subject of a number of other research reports. Robert W. Baird reaffirmed an outperform rating and set a $368.00 price target on shares of Tesla in a report on Thursday, August 3rd. Argus raised shares of Tesla from a hold rating to a buy rating and upped their price target for the stock from $355.17 to $444.00 in a report on Tuesday, August 8th. Vetr downgraded shares of Tesla from a strong-buy rating to a buy rating and set a $358.85 price target for the company. in a report on Tuesday, July 11th. Barclays PLC reaffirmed a sell rating on shares of Tesla in a report on Sunday, October 15th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a sell rating and set a $180.00 price target (down previously from $190.00) on shares of Tesla in a report on Monday, July 31st. Ten investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $330.44.

Shares of Tesla (NASDAQ TSLA) traded up $6.83 during trading hours on Thursday, hitting $306.09. 8,835,157 shares of the company’s stock were exchanged, compared to its average volume of 6,175,498. The company has a current ratio of 0.97, a quick ratio of 0.60 and a debt-to-equity ratio of 1.15.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, November 1st. The electric vehicle producer reported ($2.92) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($3.09) by $0.17. Tesla had a negative net margin of 13.09% and a negative return on equity of 24.80%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue was up 29.9% compared to the same quarter last year. sell-side analysts expect that Tesla will post -9.53 earnings per share for the current year.

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In other Tesla news, Director Kimbal Musk sold 2,190 shares of the firm’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $355.20, for a total value of $777,888.00. Following the transaction, the director now directly owns 158,584 shares of the company’s stock, valued at $56,329,036.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen T. Jurvetson sold 44,777 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $340.36, for a total transaction of $15,240,299.72. Following the completion of the transaction, the director now directly owns 36,111 shares in the company, valued at $12,290,739.96. The disclosure for this sale can be found here. Insiders sold 53,182 shares of company stock valued at $18,113,840 over the last 90 days. Corporate insiders own 23.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC lifted its stake in shares of Tesla by 0.4% in the second quarter. Flagship Harbor Advisors LLC now owns 987 shares of the electric vehicle producer’s stock valued at $309,000 after buying an additional 4 shares in the last quarter. North Star Investment Management Corp. lifted its stake in shares of Tesla by 2.8% in the second quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock valued at $122,000 after buying an additional 9 shares in the last quarter. Cornerstone Advisors Inc. lifted its stake in shares of Tesla by 2.3% in the second quarter. Cornerstone Advisors Inc. now owns 402 shares of the electric vehicle producer’s stock valued at $145,000 after buying an additional 9 shares in the last quarter. Sterling Investment Advisors Ltd. lifted its stake in shares of Tesla by 2.2% in the second quarter. Sterling Investment Advisors Ltd. now owns 853 shares of the electric vehicle producer’s stock valued at $308,000 after buying an additional 18 shares in the last quarter. Finally, Gemmer Asset Management LLC lifted its stake in shares of Tesla by 2.6% in the second quarter. Gemmer Asset Management LLC now owns 779 shares of the electric vehicle producer’s stock valued at $282,000 after buying an additional 20 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Company Profile

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.

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