Tesla Inc. (TSLA) Given “Underperform” Rating at Bank of America Corporation
Tesla Inc. (NASDAQ:TSLA)‘s stock had its “underperform” rating reissued by investment analysts at Bank of America Corporation in a note issued to investors on Thursday. They presently have a $155.00 target price on the electric vehicle producer’s stock, down from their prior target price of $165.00. Bank of America Corporation’s price objective would indicate a potential downside of 55.34% from the company’s previous close.
Several other analysts have also issued reports on TSLA. Pacific Crest lowered shares of Tesla to a “hold” rating in a research report on Wednesday, April 5th. Royal Bank Of Canada reiterated a “hold” rating and set a $314.00 target price on shares of Tesla in a research report on Thursday, April 6th. Barclays PLC reiterated an “underweight” rating and set a $165.00 target price on shares of Tesla in a research report on Thursday, April 6th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating on shares of Tesla in a research report on Thursday, April 6th. Finally, Cowen and Company set a $155.00 target price on shares of Tesla and gave the company a “sell” rating in a research report on Thursday, April 6th. Seven investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Tesla currently has an average rating of “Hold” and a consensus price target of $304.07.
Shares of Tesla (NASDAQ:TSLA) traded up 6.51% during trading on Thursday, hitting $347.09. 13,535,033 shares of the stock traded hands. The company’s market cap is $57.01 billion. Tesla has a one year low of $178.19 and a one year high of $386.99. The firm has a 50 day moving average price of $346.20 and a 200-day moving average price of $302.00.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.50 billion. Tesla had a negative net margin of 8.46% and a negative return on equity of 17.13%. The business’s quarterly revenue was up 119.6% on a year-over-year basis. During the same period last year, the business posted ($1.06) EPS. Analysts anticipate that Tesla will post ($6.05) earnings per share for the current fiscal year.
In other news, insider Jeffrey B. Straubel sold 109,100 shares of the company’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $307.81, for a total transaction of $33,582,071.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kimbal Musk sold 4,690 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $367.68, for a total value of $1,724,419.20. Following the sale, the director now owns 166,164 shares in the company, valued at $61,095,179.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 239,790 shares of company stock worth $74,130,330. Company insiders own 23.10% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Crestwood Advisors Group LLC bought a new stake in shares of Tesla during the first quarter valued at $101,000. SRS Capital Advisors Inc. boosted its stake in shares of Tesla by 1,213.3% in the first quarter. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer’s stock valued at $109,000 after buying an additional 364 shares in the last quarter. Winfield Associates Inc. boosted its stake in shares of Tesla by 85.2% in the second quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock valued at $118,000 after buying an additional 150 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Tesla during the first quarter valued at $122,000. Finally, Acropolis Investment Management LLC bought a new stake in shares of Tesla during the second quarter valued at $122,000. Hedge funds and other institutional investors own 63.78% of the company’s stock.
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.
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