Tesla (NASDAQ:TSLA) had its target price dropped by investment analysts at Bank of America to $500.00 in a report 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 would indicate a potential upside of 13.22% from the company’s current price.
A number of other brokerages have also issued reports on TSLA. Credit Suisse Group set a $400.00 target price on Tesla and gave the stock a “neutral” rating in a research report on Thursday, October 22nd. Daiwa Capital Markets downgraded Tesla from an “outperform” rating to a “neutral” rating in a report on Friday, July 24th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their target price on Tesla from $117.00 to $137.00 and gave the company a “sell” rating in a research report on Tuesday, October 27th. Citigroup upped their target price on Tesla from $110.00 to $117.00 and gave the company a “sell” rating in a research report on Tuesday, October 13th. Finally, Oppenheimer upped their target price on Tesla from $451.00 to $486.00 and gave the company an “outperform” rating in a research report on Thursday, October 22nd. Eleven equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $256.61.
NASDAQ TSLA traded up $33.52 on Tuesday, reaching $441.61. The company had a trading volume of 57,107,144 shares, compared to its average volume of 78,223,813. The firm has a market capitalization of $418.60 billion, a PE ratio of 1,150.03, a P/E/G ratio of 20.46 and a beta of 1.68. The firm has a 50-day moving average of $422.59 and a 200-day moving average of $312.29. Tesla has a 1 year low of $65.42 and a 1 year high of $502.49. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.25 and a quick ratio of 0.92.
Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, October 21st. The electric vehicle producer reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.54. Tesla had a net margin of 1.43% and a return on equity of 4.19%. During the same period in the prior year, the firm earned $0.37 earnings per share. As a group, sell-side analysts expect that Tesla will post 0.62 EPS for the current fiscal year.
In related news, Director Robyn M. Denholm sold 43,610 shares of Tesla stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $417.98, for a total transaction of $18,228,107.80. Following the sale, the director now directly owns 48,610 shares in the company, valued at $20,318,007.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Zachary Kirkhorn sold 1,250 shares of the company’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $416.15, for a total transaction of $520,187.50. Following the completion of the sale, the chief financial officer now directly owns 58,124 shares of the company’s stock, valued at approximately $24,188,302.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 132,114 shares of company stock worth $56,932,654. Corporate insiders own 23.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in TSLA. Busey Wealth Management acquired a new stake in Tesla in the second quarter worth approximately $220,000. HNP Capital LLC bought a new position in Tesla during the third quarter valued at about $230,000. WESPAC Advisors LLC bought a new position in Tesla during the second quarter valued at about $216,000. Choate Investment Advisors acquired a new position in Tesla during the second quarter worth about $394,000. Finally, CIBC Private Wealth Group LLC bought a new stake in Tesla in the third quarter worth about $16,228,000. Institutional investors own 48.22% of the company’s stock.
Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive; and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.
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