Tesla (NASDAQ:TSLA) Stock Price Expected to Rise, Bank of America Analyst Says

Tesla (NASDAQ:TSLA) had its price target boosted by equities researchers at Bank of America from $265.00 to $350.00 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. Bank of America‘s price target would indicate a potential upside of 17.80% from the stock’s previous close.

Several other brokerages have also recently commented on TSLA. Argus reiterated a “buy” rating and issued a $286.00 target price on shares of Tesla in a report on Friday, July 26th. Mizuho upped their target price on Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Jefferies Financial Group increased their price target on Tesla from $165.00 to $195.00 and gave the stock a “hold” rating in a report on Monday, October 21st. Phillip Securities upgraded Tesla to a “moderate sell” rating in a report on Friday, October 25th. Finally, KGI Securities upgraded Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target on the stock in a report on Thursday, October 24th. Eight equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $222.03.

Tesla Trading Up 3.0 %

Shares of Tesla stock traded up $8.59 on Thursday, hitting $297.12. The stock had a trading volume of 81,566,743 shares, compared to its average volume of 94,198,984. The stock has a 50 day moving average of $237.23 and a 200 day moving average of $213.07. Tesla has a twelve month low of $138.80 and a twelve month high of $299.75. 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 firm has a market capitalization of $953.77 billion, a P/E ratio of 81.64, a PEG ratio of 8.01 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the prior year, the firm posted $0.53 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. Sell-side analysts expect that Tesla will post 1.96 earnings per share for the current fiscal year.

Insider Activity at Tesla

In related news, Director Kimbal Musk sold 60,500 shares of the company’s 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 owns 1,563,220 shares in the company, valued at approximately $391,164,540.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tesla news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the completion of the sale, the director now owns 1,563,220 shares in the company, valued at $391,164,540.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $251.76, for a total value of $1,007,040.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,442,856.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,797 shares of company stock worth $19,211,821. 20.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Tesla

A number of hedge funds have recently made changes to their positions in TSLA. Bank & Trust Co bought a new position in shares of Tesla in the second quarter worth about $25,000. Valley Wealth Managers Inc. bought a new position in shares of Tesla in the second quarter worth about $26,000. Abich Financial Wealth Management LLC boosted its stake in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares during the last quarter. Transcendent Capital Group LLC bought a new position in Tesla during the third quarter valued at approximately $29,000. Finally, Clean Yield Group boosted its stake in 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 during the last quarter. Institutional investors own 66.20% of the company’s stock.

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.