Bank of America Raises Tesla (NASDAQ:TSLA) Price Target to $400.00

Tesla (NASDAQ:TSLA) had its price target hoisted by Bank of America from $350.00 to $400.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the electric vehicle producer’s stock.

Several other equities research analysts also recently commented on TSLA. Royal Bank of Canada boosted their price objective on Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Barclays boosted their price objective on Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Thursday, October 24th. The Goldman Sachs Group lifted their target price on Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Finally, KGI Securities raised Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 target price on the stock in a research report on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $245.84.

Tesla Stock Performance

TSLA opened at $369.49 on Thursday. The business’s fifty day moving average is $282.96 and its 200-day moving average is $236.89. The firm has a market cap of $1.19 trillion, a P/E ratio of 101.23, a price-to-earnings-growth ratio of 11.41 and a beta of 2.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. Tesla has a 52-week low of $138.80 and a 52-week high of $375.43.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. During the same period last year, the firm posted $0.53 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. Sell-side analysts expect that Tesla will post 1.99 EPS for the current fiscal year.

Insider Activity

In other news, Director Kimbal Musk sold 60,500 shares of Tesla stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now directly owns 1,563,220 shares in the company, valued at approximately $391,164,540.60. This trade represents a 3.73 % 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. Also, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $354.43, for a total value of $2,481,010.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $37,226,491.76. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 420,280 shares of company stock worth $135,164,640. 20.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tesla

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Valley Wealth Managers Inc. purchased a new stake in Tesla during the second quarter valued at about $26,000. Abich Financial Wealth Management LLC boosted its stake in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Tesla in the 3rd quarter worth $29,000. Clean Yield Group grew its holdings in shares of Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after buying an additional 48 shares in the last quarter. Finally, Peterson Financial Group Inc. purchased a new position in shares of Tesla during the third quarter valued at $35,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Company Profile

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.