Redburn Atlantic Initiates Tesla Stock Coverage with 'Sell' Rating

Redburn Atlantic, a brokerage firm, recently started covering Tesla shares (NASDAQ:TSLA), with research notes being sent out to investors on Wednesday. The brokerage has given Tesla a 'sell' rating along with a price target of $170.00 for the stock. This valuation suggests that there could be an approximate 18.71% decline from the company's prior closing price.

Analyst Ratings and Price Targets

A variety of equity research analysts have provided their take on Tesla's stock, with diverse opinions. For instance, Oppenheimer preserved a 'market perform' rating for Tesla. Meanwhile, StockNews.com downgraded Tesla from 'hold' to 'sell'. Citigroup lowered their price target on the electric vehicle maker from $271.00 to $255.00 but maintained a 'neutral' rating. HSBC started coverage on Tesla shares, assigning a 'reduce' rating and a $146.00 price target. Truist Financial adjusted their price target down to $243.00 from $254.00 and continued with a 'hold' rating. As it stands, Tesla has an overall consensus rating of 'Hold' and the average price target rests at $230.87, according to MarketBeat.com data.

Insider Activities

There has been notable insider trading activity within Tesla. Senior Vice President Andrew D. Baglino sold 10,500 shares at an average price of $210.67, leading to a total sale value of over $2 million. This sale reduced his direct ownership to 68,102 shares, with an estimated value of around $14.3 million. Additionally, Tesla's CFO Vaibhav Taneja also sold shares, parting with 4,000 shares at the price of $250.00 each, amounting to a $1 million transaction. Following the sale, Taneja's holdings stood at 104,716 shares, valued at approximately $26.18 million. Disclosures related to these transactions have been duly filed with the SEC.

Institutional Investor Movements

Institutional investors have also adjusted their positions in Tesla stock. Vanguard Group Inc. slightly increased its share by 1.6% during the 3rd quarter and now holds shares worth more than $56 billion. State Street Corp also raised its stake by 4.4% during the 2nd quarter. Morgan Stanley expanded its Tesla investment by 7.8% in the 3rd quarter. Overall, 41.87% of Tesla's stock is held by institutional investors and hedge funds.

About Tesla

Tesla, Inc. specializes in designing, developing, manufacturing, and selling electric vehicles and energy generation and storage systems. They operate in the United States, China, and other international markets, with two primary segments: Automotive, and Energy Generation and Storage. The Automotive segment provides electric vehicles and also sells automotive regulatory credits, along with offering after-sales vehicle services.

Tesla, Sell, Rating