Tesla Inc. (TSLA) Stock Rating Reaffirmed by Bank of America Corporation
Tesla Inc. (NASDAQ:TSLA)‘s stock had its “underperform” rating reissued by equities researchers at Bank of America Corporation in a report issued on Tuesday. They currently have a $155.00 price objective on the electric vehicle producer’s stock. Bank of America Corporation’s target price would suggest a potential downside of 55.48% from the stock’s current price.
TSLA has been the subject of a number of other research reports. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and set a $180.00 target price (down from $190.00) on shares of Tesla in a research note on Wednesday, July 5th. Citigroup Inc. began coverage on Tesla in a report on Thursday, July 20th. They issued a “neutral” rating and a $357.00 price objective for the company. Morgan Stanley reaffirmed a “hold” rating and issued a $317.00 price objective on shares of Tesla in a report on Thursday, September 7th. Robert W. Baird reiterated an “outperform” rating and set a $368.00 price objective on shares of Tesla in a research report on Wednesday, July 5th. Finally, Vetr upgraded Tesla from a “buy” rating to a “strong-buy” rating and set a $361.76 price objective for the company in a research report on Monday, July 10th. Nine investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have assigned a buy rating to the stock. Tesla presently has an average rating of “Hold” and an average target price of $313.14.
Shares of Tesla (NASDAQ TSLA) traded up 1.94% during trading on Tuesday, reaching $348.14. 10,148,809 shares of the company traded hands. Tesla has a 12-month low of $178.19 and a 12-month high of $389.61. The firm’s 50 day moving average is $354.92 and its 200-day moving average is $332.43. The stock’s market capitalization is $58.10 billion.
Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.00) by $0.67. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Tesla had a negative net margin of 7.61% and a negative return on equity of 16.36%. Tesla’s revenue was up 119.6% on a year-over-year basis. During the same period last year, the company posted ($1.06) EPS. On average, equities research analysts anticipate that Tesla will post ($6.32) earnings per share for the current fiscal year.
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In other Tesla news, Director Kimbal Musk sold 2,190 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $355.20, for a total value of $777,888.00. Following the completion of the sale, the director now directly owns 158,584 shares of the company’s stock, valued at approximately $56,329,036.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Eric Branderiz sold 99 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $350.12, for a total transaction of $34,661.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,256 shares of company stock valued at $16,756,628. 23.10% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of TSLA. Eqis Capital Management Inc. raised its stake in shares of Tesla by 10.1% during the third quarter. Eqis Capital Management Inc. now owns 2,850 shares of the electric vehicle producer’s stock valued at $972,000 after acquiring an additional 261 shares in the last quarter. Lord Abbett & CO. LLC boosted its holdings in shares of Tesla by 78.9% in the second quarter. Lord Abbett & CO. LLC now owns 152,146 shares of the electric vehicle producer’s stock valued at $55,018,000 after purchasing an additional 67,120 shares during the period. WFG Advisors LP boosted its holdings in shares of Tesla by 106.8% in the second quarter. WFG Advisors LP now owns 457 shares of the electric vehicle producer’s stock valued at $165,000 after purchasing an additional 236 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Tesla by 12.3% in the second quarter. Toronto Dominion Bank now owns 1,582 shares of the electric vehicle producer’s stock valued at $572,000 after purchasing an additional 173 shares during the period. Finally, Rikoon Group LLC boosted its holdings in shares of Tesla by 7.8% in the second quarter. Rikoon Group LLC now owns 691 shares of the electric vehicle producer’s stock valued at $249,000 after purchasing an additional 50 shares during the period. 56.63% of the stock is currently owned by institutional investors and hedge funds.
Tesla Company Profile
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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