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

Tesla (NASDAQ:TSLA) had its target price lifted by equities researchers at Bank of America from $350.00 to $400.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the electric vehicle producer’s stock. Bank of America‘s price target suggests a potential upside of 2.77% from the stock’s previous close.

A number of other analysts have also commented on TSLA. UBS Group increased their price objective on Tesla from $197.00 to $226.00 and gave the company a “sell” rating in a research note on Monday, November 25th. Royal Bank of Canada raised their target price on Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Robert W. Baird reaffirmed an “outperform” rating and issued a $280.00 target price on shares of Tesla in a research report on Tuesday, August 20th. HSBC reiterated a “reduce” rating and issued a $124.00 price target on shares of Tesla in a report on Friday, October 11th. Finally, Canaccord Genuity Group boosted their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Nine equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $245.84.

Tesla Stock Performance

Shares of Tesla stock opened at $389.22 on Thursday. The business has a 50-day simple moving average of $282.96 and a 200-day simple moving average of $236.89. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The company has a market cap of $1.25 trillion, a PE ratio of 106.64, a P/E/G ratio of 11.62 and a beta of 2.36. Tesla has a one year low of $138.80 and a one year high of $389.49.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.53 earnings per share. On average, equities research analysts forecast that Tesla will post 1.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 60,500 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the transaction, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 3.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the transaction, the director now directly owns 5,400 shares in the company, valued at $1,868,508. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 520,280 shares of company stock worth $170,418,640. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of institutional investors and hedge funds have recently made changes to their positions in TSLA. Canandaigua National Bank & Trust Co. lifted its position in Tesla by 7.4% in the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 1,314 shares of the electric vehicle producer’s stock valued at $260,000 after acquiring an additional 90 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its position in Tesla by 8.7% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 8,205 shares of the electric vehicle producer’s stock valued at $1,624,000 after acquiring an additional 659 shares in the last quarter. OLD National Bancorp IN lifted its position in Tesla by 6.4% in the 2nd quarter. OLD National Bancorp IN now owns 15,775 shares of the electric vehicle producer’s stock valued at $3,122,000 after acquiring an additional 945 shares in the last quarter. Atlas Private Wealth Advisors lifted its position in Tesla by 94.5% in the 2nd quarter. Atlas Private Wealth Advisors now owns 12,344 shares of the electric vehicle producer’s stock valued at $2,443,000 after acquiring an additional 5,996 shares in the last quarter. Finally, Francis Financial Inc. bought a new position in Tesla in the 2nd quarter valued at about $216,000. Institutional investors 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.