Tesla (NASDAQ:TSLA) Given New $380.00 Price Target at Bank of America

Tesla (NASDAQ:TSLA) had its target price trimmed by Bank of America from $490.00 to $380.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle producer’s stock.

Several other brokerages also recently commented on TSLA. Roth Capital raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. The Goldman Sachs Group reaffirmed a “cautious” rating on shares of Tesla in a report on Monday. Wells Fargo & Company raised their price target on shares of Tesla from $125.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, January 30th. Benchmark started coverage on shares of Tesla in a report on Wednesday, February 12th. They issued a “buy” rating and a $475.00 price objective on the stock. Finally, Mizuho reissued an “outperform” rating and issued a $515.00 price objective on shares of Tesla in a report on Thursday, January 30th. Nine research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Tesla has a consensus rating of “Hold” and an average price target of $315.33.

Tesla Stock Down 4.4 %

NASDAQ:TSLA opened at $272.11 on Tuesday. The firm’s 50-day moving average price is $378.63 and its 200-day moving average price is $318.40. The company has a market capitalization of $875.24 billion, a PE ratio of 133.39, a P/E/G ratio of 5.86 and a beta of 2.34. 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.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share 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%. On average, equities analysts predict that Tesla will post 2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at approximately $40,775,792.65. This trade represents a 2.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $384.04, for a total value of $43,162,255.60. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at $32,643,400. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 303,996 shares of company stock valued at $118,467,387 in the last three months. 20.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tesla

Several hedge funds and other institutional investors have recently made changes to their positions in TSLA. True Wealth Design LLC lifted its stake in Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 31 shares during the last quarter. Horrell Capital Management Inc. increased its holdings in shares of 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 during the period. GS Investments Inc. increased its holdings in shares of Tesla by 193.3% in the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 58 shares during the period. Navigoe LLC acquired a new position in shares of Tesla in the fourth quarter valued at approximately $37,000. Finally, CoreFirst Bank & Trust acquired a new position in shares of Tesla in the fourth quarter valued at approximately $38,000. 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.