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

Tesla (NASDAQ:TSLA) had its target price boosted by Bank of America from $255.00 to $265.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the electric vehicle producer’s stock. Bank of America‘s price target points to a potential downside of 1.56% from the company’s current price.

A number of other research analysts have also issued reports on the stock. The Goldman Sachs Group upped their price target on shares of Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday. KGI Securities reissued a “neutral” rating and issued a $236.00 target price on shares of Tesla in a research report on Thursday, July 25th. Jefferies Financial Group lifted their price target on Tesla from $165.00 to $195.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Glj Research reissued a “sell” rating and issued a $24.86 price objective on shares of Tesla in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. lifted their target price on Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a report 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 data from MarketBeat, Tesla has a consensus rating of “Hold” and an average target price of $219.00.

Tesla Stock Performance

Shares of TSLA opened at $269.19 on Thursday. 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 has a market cap of $858.50 billion, a PE ratio of 68.67, a P/E/G ratio of 6.24 and a beta of 2.29. Tesla has a 12 month low of $138.80 and a 12 month high of $271.00. The stock has a fifty day moving average price of $229.47 and a 200-day moving average price of $206.79.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter last year, the company earned $0.53 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. Equities research analysts predict that Tesla will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

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

Hedge Funds Weigh In On Tesla

A number of institutional investors have recently bought and sold shares of TSLA. Bank & Trust Co acquired a new stake in shares of Tesla during the 2nd quarter worth approximately $25,000. Valley Wealth Managers Inc. acquired a new stake in Tesla during the second quarter worth $26,000. Abich Financial Wealth Management LLC raised its position in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares during the period. Clean Yield Group lifted its stake in shares of Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the last quarter. Finally, M&R Capital Management Inc. grew its holdings in shares of Tesla by 263.2% during the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 100 shares during the period. 66.20% of the stock is owned by hedge funds and other 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.