Tesla (NASDAQ:TSLA) Lowered to “Neutral” Rating by Bank of America

Bank of America downgraded shares of Tesla (NASDAQ:TSLA) from a buy rating to a neutral rating in a research note published on Tuesday, Marketbeat Ratings reports. Bank of America currently has $490.00 target price on the electric vehicle producer’s stock, up from their previous target price of $400.00.

A number of other equities research analysts also recently weighed in on TSLA. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Tesla from $295.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, December 9th. JPMorgan Chase & Co. boosted their price target on shares of Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. StockNews.com raised Tesla from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Sanford C. Bernstein reissued an “underperform” rating and set a $120.00 price objective on shares of Tesla in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada raised their price objective on shares of Tesla from $249.00 to $313.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Nine research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Tesla presently has an average rating of “Hold” and a consensus target price of $295.69.

Tesla Trading Down 4.1 %

Shares of Tesla stock opened at $394.36 on Tuesday. Tesla has a 1 year low of $138.80 and a 1 year high of $488.54. The company has a market capitalization of $1.27 trillion, a P/E ratio of 108.04, a P/E/G ratio of 10.80 and a beta of 2.30. The business has a 50 day moving average price of $368.03 and a 200 day moving average price of $277.49. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.53 EPS. Sell-side analysts anticipate that Tesla will post 1.99 EPS for the current fiscal year.

Insider Activity

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the transaction, the director now owns 5,400 shares of the company’s stock, valued at $1,868,508. This trade represents a 94.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. The trade was a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 514,886 shares of company stock valued at $169,393,831. 20.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. bought a new position in shares of Tesla in the 2nd quarter valued at $26,000. Abich Financial Wealth Management LLC lifted its position in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC purchased a new position in Tesla during the 3rd quarter worth $29,000. Clean Yield Group grew its holdings in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 48 shares in the last quarter. Finally, Peterson Financial Group Inc. purchased a new stake in shares of Tesla during the 3rd quarter worth approximately $35,000. 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.