Tesla (NASDAQ:TSLA) Price Target Cut to $380.00 by Analysts at Bank of America

Tesla (NASDAQ:TSLA) had its target price lowered by stock analysts at Bank of America from $490.00 to $380.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle producer’s stock. Bank of America‘s target price points to a potential upside of 42.84% from the stock’s current price.

Several other equities analysts have also commented on TSLA. Truist Financial increased their price objective on shares of Tesla from $351.00 to $373.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. Mizuho reaffirmed an “outperform” rating and issued a $515.00 price target on shares of Tesla in a report on Thursday, January 30th. Phillip Securities cut Tesla from a “moderate sell” rating to a “strong sell” rating in a research note on Wednesday, November 13th. Piper Sandler raised their price objective on Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Finally, Roth Mkm upgraded Tesla from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $380.00 in a report on Monday, December 2nd. Ten investment analysts have rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $315.33.

Tesla Price Performance

Shares of TSLA stock traded down $18.61 during trading hours on Tuesday, hitting $266.04. The stock had a trading volume of 37,079,501 shares, compared to its average volume of 78,926,992. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The stock has a market capitalization of $855.72 billion, a price-to-earnings ratio of 130.41, a PEG ratio of 5.86 and a beta of 2.34. Tesla has a one year low of $138.80 and a one year high of $488.54. The stock’s 50-day moving average price is $382.44 and its two-hundred day moving average price is $318.01.

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

Insiders Place Their Bets

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $352.54, for a total transaction of $35,254,000.00. Following the completion of the sale, the director now directly owns 5,400 shares in the company, valued at approximately $1,903,716. The trade was a 94.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 7,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at $45,063,565.40. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 403,996 shares of company stock valued at $153,721,387. 20.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tesla

A number of large investors have recently bought and sold shares of the company. Swedbank AB grew its position in Tesla by 2.8% during the 3rd quarter. Swedbank AB now owns 1,098,717 shares of the electric vehicle producer’s stock worth $287,457,000 after purchasing an additional 29,669 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of Tesla in the third quarter worth about $403,000. Donaldson Capital Management LLC purchased a new position in Tesla during the third quarter valued at approximately $233,000. Rational Advisors LLC lifted its holdings in Tesla by 128.6% in the third quarter. Rational Advisors LLC now owns 3,063 shares of the electric vehicle producer’s stock valued at $801,000 after acquiring an additional 1,723 shares during the period. Finally, Solitude Financial Services purchased a new stake in Tesla in the 3rd quarter worth approximately $235,000. 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.