Bank of America Raises Tesla (NASDAQ:TSLA) Price Target to $265.00

Tesla (NASDAQ:TSLA) had its price target hoisted by Bank of America from $255.00 to $265.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the electric vehicle producer’s stock.

A number of other research analysts have also weighed in on the company. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Thursday. Guggenheim lifted their target price on shares of Tesla from $134.00 to $153.00 and gave the stock a “sell” rating in a report on Friday, September 13th. Citigroup lowered their price target on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. UBS Group cut Tesla from a “neutral” rating to a “sell” rating and boosted their price objective for the stock from $147.00 to $197.00 in a report on Friday, July 12th. Finally, Royal Bank of Canada increased their target price on Tesla from $236.00 to $249.00 and gave the stock an “outperform” rating in a research note on Thursday. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $219.00.

Tesla Stock Performance

NASDAQ TSLA opened at $269.19 on Thursday. The firm has a market capitalization of $858.50 billion, a P/E ratio of 68.67, a price-to-earnings-growth ratio of 6.24 and a beta of 2.29. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The firm’s fifty day moving average price is $230.53 and its two-hundred day moving average price is $207.92. Tesla has a 1 year low of $138.80 and a 1 year high of $271.00.

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, beating the consensus estimate of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. Tesla’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the business posted $0.53 EPS. As a group, research analysts anticipate that Tesla will post 1.75 EPS for the current year.

Insider Buying and Selling at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of institutional investors and hedge funds have recently modified their holdings of TSLA. Bank & Trust Co acquired a new position in shares of Tesla during the 2nd quarter valued at $25,000. Valley Wealth Managers Inc. bought a new stake in Tesla in the 2nd quarter valued at about $26,000. Abich Financial Wealth Management LLC raised its stake in 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 buying an additional 81 shares during the period. Clean Yield Group boosted its holdings in Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after acquiring an additional 48 shares in the last quarter. Finally, M&R Capital Management Inc. grew its stake in Tesla by 263.2% in the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after acquiring an additional 100 shares during the period. 66.20% of the stock is currently owned by institutional investors.

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.