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

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

A number of other research firms have also recently commented on TSLA. Benchmark began coverage on shares of Tesla in a research note on Wednesday, February 12th. They set a “buy” rating and a $475.00 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Monday, February 10th. Morgan Stanley restated a “top pick” rating and issued a $430.00 target price on shares of Tesla in a research report on Monday. Royal Bank of Canada reiterated a “mixed” rating on shares of Tesla in a research report on Saturday, February 8th. Finally, Piper Sandler raised their price objective on Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Ten research analysts have rated the stock with a sell rating, eleven have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $315.33.

Tesla Price Performance

NASDAQ TSLA traded down $18.61 during trading hours on Tuesday, reaching $266.04. The company’s 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. Tesla has a 1-year low of $138.80 and a 1-year high of $488.54. The company’s 50-day moving average is $382.44 and its two-hundred day moving average is $318.01. The firm has a market capitalization of $855.72 billion, a price-to-earnings ratio of 130.41, a P/E/G ratio of 5.86 and a beta of 2.34.

Tesla (NASDAQ:TSLA) last announced its earnings results 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 net margin of 7.26% and a return on equity of 10.31%. On average, equities analysts predict that Tesla will post 2.56 EPS for the current year.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 75,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $367.87, for a total transaction of $27,590,250.00. Following the completion of the transaction, the director now directly owns 1,463,220 shares of the company’s stock, valued at approximately $538,274,741.40. The trade was a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction that occurred 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. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 403,996 shares of company stock worth $153,721,387 over the last three months. Company insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

A number of hedge funds and other institutional investors have recently modified their holdings of TSLA. True Wealth Design LLC boosted its position in shares of Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Horrell Capital Management Inc. boosted its holdings in Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after purchasing an additional 34 shares in the last quarter. GS Investments Inc. raised its holdings in Tesla by 193.3% during the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 58 shares in the last quarter. Navigoe LLC purchased a new stake in shares of Tesla during the 4th quarter worth approximately $37,000. Finally, CoreFirst Bank & Trust acquired a new position in shares of Tesla in the 4th quarter valued at $38,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.