Tesla (TSLA) Price Target Lowered to $10.00 at Morgan Stanley

Tesla (NASDAQ:TSLA) had its target price lowered by equities researchers at Morgan Stanley from $97.00 to $10.00 in a research note issued on Tuesday. The brokerage presently has an “equal weight” rating on the electric vehicle producer’s stock. Morgan Stanley’s price target would suggest a potential downside of 95.12% from the company’s previous close.

Several other brokerages have also weighed in on TSLA. Royal Bank of Canada reissued a “sell” rating and set a $245.00 price objective on shares of Tesla in a report on Wednesday, February 6th. DZ Bank reissued a “sell” rating on shares of Tesla in a report on Monday, February 4th. BidaskClub raised Tesla from a “hold” rating to a “buy” rating in a report on Saturday, February 2nd. Oppenheimer lifted their price objective on Tesla from $418.00 to $437.00 and gave the stock an “outperform” rating in a report on Thursday, January 31st. Finally, ValuEngine lowered Tesla from a “buy” rating to a “hold” rating in a report on Friday, February 15th. Seventeen equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $292.00.

Shares of NASDAQ:TSLA traded down $0.28 during trading on Tuesday, hitting $205.08. 17,531,561 shares of the stock were exchanged, compared to its average volume of 9,600,967. Tesla has a 1-year low of $195.25 and a 1-year high of $387.46. The firm has a market capitalization of $36.66 billion, a PE ratio of -35.85 and a beta of 0.27. The company has a current ratio of 0.83, a quick ratio of 0.42 and a debt-to-equity ratio of 1.79.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, April 24th. The electric vehicle producer reported ($4.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.51) by ($1.59). Tesla had a negative return on equity of 18.23% and a negative net margin of 4.29%. The firm had revenue of $4.54 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the previous year, the business posted ($3.35) EPS. Tesla’s revenue for the quarter was up 33.2% compared to the same quarter last year. On average, sell-side analysts predict that Tesla will post -4.64 EPS for the current year.

In other Tesla news, insider Jeffrey B. Straubel sold 15,000 shares of Tesla stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $316.95, for a total value of $4,754,250.00. Following the completion of the transaction, the insider now owns 321,398 shares in the company, valued at approximately $101,867,096.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Elon Musk acquired 102,880 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was acquired at an average price of $243.00 per share, with a total value of $24,999,840.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 117,100 shares of company stock valued at $30,574,286. Corporate insiders own 22.80% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. raised its position in Tesla by 0.8% in the 4th quarter. Baillie Gifford & Co. now owns 13,234,382 shares of the electric vehicle producer’s stock valued at $4,404,403,000 after purchasing an additional 108,931 shares during the last quarter. Vanguard Group Inc raised its position in Tesla by 0.8% in the 3rd quarter. Vanguard Group Inc now owns 7,036,426 shares of the electric vehicle producer’s stock valued at $1,863,034,000 after purchasing an additional 59,018 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Tesla by 10.5% in the 4th quarter. Jennison Associates LLC now owns 5,322,358 shares of the electric vehicle producer’s stock valued at $1,771,281,000 after buying an additional 505,076 shares during the period. Norges Bank acquired a new stake in shares of Tesla in the 4th quarter valued at $470,949,000. Finally, Northern Trust Corp increased its stake in shares of Tesla by 1.0% in the 1st quarter. Northern Trust Corp now owns 924,061 shares of the electric vehicle producer’s stock valued at $258,608,000 after buying an additional 9,430 shares during the period. Hedge funds and other institutional investors own 59.71% of the company’s stock.

About Tesla

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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