Bank of America Issues Positive Forecast for Tesla (NASDAQ:TSLA) Stock Price

Tesla (NASDAQ:TSLA) had its target price lifted by Bank of America from $305.00 to $341.00 in a research note released on Monday morning, MarketBeat reports. They currently have a neutral rating on the electric vehicle producer’s stock.

A number of other research firms have also recently commented on TSLA. Guggenheim reaffirmed a “sell” rating and issued a $175.00 target price on shares of Tesla in a research report on Tuesday, July 8th. HSBC reaffirmed a “reduce” rating and issued a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. Raymond James Financial cut shares of Tesla to an “outperform” rating in a research report on Tuesday, April 22nd. UBS Group set a $290.00 target price on shares of Tesla in a research report on Monday, June 30th. Finally, The Goldman Sachs Group decreased their target price on shares of Tesla from $315.00 to $285.00 and set a “neutral” rating on the stock in a research report on Friday, July 11th. Ten investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $298.97.

Tesla Trading Down 0.4%

Shares of TSLA stock opened at $328.49 on Monday. The company’s 50-day moving average price is $326.27 and its 200-day moving average price is $316.26. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.06 trillion, a price-to-earnings ratio of 178.19, a PEG ratio of 12.56 and a beta of 2.39. Tesla has a twelve month low of $182.00 and a twelve month high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same period in the previous year, the firm posted $0.45 EPS. As a group, equities analysts predict that Tesla will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares of the company’s stock, valued at $305,632,276.20. The trade was a 35.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares of the company’s stock, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 835,509 shares of company stock worth $279,420,485 in the last 90 days. Company insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cherry Tree Wealth Management LLC lifted its stake in shares of Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank lifted its stake in shares of Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC lifted its stake in shares of Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Tesla in the 1st quarter valued at about $27,000. Finally, True Wealth Design LLC lifted its stake in shares of Tesla by 79.5% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

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.