Bank of America Cuts Tesla (NASDAQ:TSLA) Price Target to $380.00

Tesla (NASDAQ:TSLA) had its price target lowered by Bank of America from $490.00 to $380.00 in a research note released on Tuesday,Benzinga reports. Bank of America currently has a neutral rating on the electric vehicle producer’s stock.

Other analysts also recently issued reports about the company. Roth Capital raised Tesla from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Barclays boosted their target price on Tesla from $270.00 to $325.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 15th. Glj Research reiterated a “sell” rating and issued a $24.86 price target on shares of Tesla in a research note on Wednesday, February 12th. Piper Sandler boosted their price objective on shares of Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Finally, Roth Mkm raised shares of Tesla from a “neutral” rating to a “buy” rating and increased their target price for the company from $85.00 to $380.00 in a research report on Monday, December 2nd. Nine analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $313.15.

Tesla Stock Down 5.6 %

TSLA stock opened at $263.45 on Tuesday. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The company’s 50 day moving average price is $371.15 and its 200 day moving average price is $317.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The firm has a market capitalization of $847.39 billion, a price-to-earnings ratio of 129.14, a PEG ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. On average, equities research analysts anticipate that Tesla will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $32,643,400. This trade represents a 56.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the transaction, the chief financial officer now owns 108,965 shares in the company, valued at $45,063,565.40. The trade was a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 422,452 shares of company stock valued at $153,659,530 over the last quarter. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

Several institutional investors have recently modified their holdings of the company. True Wealth Design LLC grew its holdings in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. Horrell Capital Management Inc. boosted its position in shares of Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after buying an additional 34 shares in the last quarter. GS Investments Inc. grew its stake in Tesla by 193.3% in the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after acquiring an additional 58 shares during the last quarter. Navigoe LLC purchased a new position in Tesla during the 4th quarter valued at about $37,000. Finally, CoreFirst Bank & Trust acquired a new position in Tesla during the fourth quarter worth about $38,000. Hedge funds and other 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.