Bank of America Boosts Tesla (NASDAQ:TSLA) Price Target to $471.00

Tesla (NASDAQ:TSLA) had its price objective upped by stock analysts at Bank of America from $341.00 to $471.00 in a report issued on Wednesday, MarketBeat.com reports. The firm presently has a “neutral” rating on the electric vehicle producer’s stock. Bank of America‘s price target would indicate a potential upside of 7.02% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a report on Friday, September 19th. Benchmark restated a “buy” rating on shares of Tesla in a report on Thursday, October 23rd. Truist Financial boosted their price target on shares of Tesla from $280.00 to $406.00 and gave the company a “hold” rating in a report on Thursday, October 23rd. Barclays restated a “negative” rating and set a $350.00 price target (up previously from $275.00) on shares of Tesla in a report on Thursday, October 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Tesla in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and eleven have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $388.51.

Tesla Stock Down 4.6%

TSLA stock opened at $440.10 on Wednesday. Tesla has a 12 month low of $214.25 and a 12 month high of $488.54. The firm has a 50 day simple moving average of $408.19 and a 200 day simple moving average of $346.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. The firm has a market cap of $1.46 trillion, a PE ratio of 293.40, a P/E/G ratio of 16.84 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The business had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. The firm’s revenue was up 11.6% compared to the same quarter last year. Equities research analysts forecast that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 202,606 shares of company stock worth $75,588,902 in the last 90 days. 19.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Chapman Financial Group LLC acquired a new position in shares of Tesla during the 2nd quarter worth $26,000. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the 1st quarter worth $27,000. Chelsea Counsel Co. boosted its holdings in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after buying an additional 40 shares during the period. Centennial Bank AR boosted its holdings in shares of Tesla by 833.3% during the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock worth $29,000 after buying an additional 100 shares during the period. Finally, LGT Financial Advisors LLC bought a new stake in shares of Tesla during the 2nd quarter worth $29,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

About Tesla

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.