Tesla (NASDAQ:TSLA) Raised to Buy at Bank of America

Tesla (NASDAQ:TSLA) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, Briefing.com reports. The brokerage presently has a $220.00 price target on the electric vehicle producer’s stock. Bank of America‘s target price points to a potential upside of 52.06% from the company’s current price.

TSLA has been the topic of a number of other research reports. Wells Fargo & Company reduced their price target on Tesla from $125.00 to $120.00 and set an “underweight” rating on the stock in a research report on Friday, April 12th. Citigroup cut their target price on Tesla from $196.00 to $180.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Royal Bank of Canada restated an “outperform” rating and set a $298.00 price target on shares of Tesla in a research note on Wednesday, March 27th. China Renaissance initiated coverage on Tesla in a research note on Monday, February 26th. They set a “hold” rating on the stock. Finally, Wedbush restated an “outperform” rating and set a $300.00 price target on shares of Tesla in a research note on Friday, April 19th. Eight investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $191.37.

Tesla Stock Up 1.9 %

NASDAQ TSLA opened at $144.68 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.25 and a current ratio of 1.73. The business has a fifty day moving average price of $176.81 and a 200 day moving average price of $209.24. The company has a market cap of $460.78 billion, a P/E ratio of 33.57, a P/E/G ratio of 3.75 and a beta of 2.39. Tesla has a one year low of $138.80 and a one year high of $299.29.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.03). The company had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a net margin of 15.50% and a return on equity of 16.62%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.07 earnings per share. Research analysts anticipate that Tesla will post 1.97 EPS for the current fiscal year.

Insider Activity

In other news, SVP Xiaotong Zhu sold 687 shares of Tesla stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total value of $121,674.57. Following the completion of the sale, the senior vice president now owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total transaction of $121,674.57. Following the completion of the sale, the senior vice president now owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $176.20, for a total value of $1,850,100.00. Following the sale, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $5,502,726. The disclosure for this sale can be found here. Insiders sold a total of 209,098 shares of company stock valued at $38,802,534 over the last quarter. Company insiders own 20.90% of the company’s stock.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently modified their holdings of the stock. Opal Wealth Advisors LLC boosted its position in shares of Tesla by 1.0% in the third quarter. Opal Wealth Advisors LLC now owns 4,353 shares of the electric vehicle producer’s stock worth $1,089,000 after buying an additional 42 shares during the period. Holderness Investments Co. boosted its position in shares of Tesla by 1.6% in the third quarter. Holderness Investments Co. now owns 2,599 shares of the electric vehicle producer’s stock worth $650,000 after buying an additional 42 shares during the period. SCS Capital Management LLC boosted its position in shares of Tesla by 0.3% in the third quarter. SCS Capital Management LLC now owns 16,881 shares of the electric vehicle producer’s stock worth $4,224,000 after buying an additional 45 shares during the period. Daymark Wealth Partners LLC lifted its stake in shares of Tesla by 0.4% in the fourth quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer’s stock worth $2,622,000 after acquiring an additional 45 shares in the last quarter. Finally, ML & R Wealth Management LLC lifted its stake in shares of Tesla by 2.6% in the third quarter. ML & R Wealth Management LLC now owns 1,819 shares of the electric vehicle producer’s stock worth $455,000 after acquiring an additional 46 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.