Tesla (NASDAQ:TSLA) Stock Rating Lowered by Bank of America

Tesla (NASDAQ:TSLA - Get Free Report) was downgraded by equities research analysts at Bank of America from a "buy" rating to a "neutral" rating in a report issued on Tuesday, Marketbeat Ratings reports. They presently have a $490.00 price objective on the electric vehicle producer's stock, up from their prior price objective of $400.00. Bank of America's target price suggests a potential upside of 24.25% from the company's current price.

TSLA has been the topic of a number of other reports. Piper Sandler raised their price objective on Tesla from $310.00 to $315.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Phillip Securities cut shares of Tesla from a "moderate sell" rating to a "strong sell" rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. raised their target price on shares of Tesla from $130.00 to $135.00 and gave the company an "underweight" rating in a research note on Thursday, October 24th. Canaccord Genuity Group upped their price target on shares of Tesla from $254.00 to $278.00 and gave the stock a "buy" rating in a research report on Thursday, October 24th. Finally, Evercore ISI raised their price objective on Tesla from $195.00 to $275.00 and gave the company an "in-line" rating in a research report on Friday. Nine analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Tesla presently has an average rating of "Hold" and a consensus target price of $295.69.

Tesla Trading Down 4.1 %

Shares of Tesla stock traded down $16.69 during trading hours on Tuesday, reaching $394.36. 75,394,064 shares of the company's stock were exchanged, compared to its average volume of 91,501,391. The firm has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 108.04, a price-to-earnings-growth ratio of 10.80 and a beta of 2.30. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. Tesla has a 52-week low of $138.80 and a 52-week high of $488.54. The company has a fifty day moving average of $368.03 and a 200-day moving average of $277.49.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion during the quarter, compared to analysts' expectations of $25.47 billion. During the same quarter in the previous year, the business earned $0.53 EPS. The firm's revenue was up 7.8% on a year-over-year basis. Sell-side analysts forecast that Tesla will post 1.99 EPS for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, Director Kimbal Musk sold 60,500 shares of the business's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the transaction, the director now directly owns 1,563,220 shares of the company's stock, valued at $391,164,540.60. The trade was a 3.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The shares were 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 owns 108,965 shares in the company, valued at $40,775,792.65. The trade was a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 514,886 shares of company stock worth $169,393,831 in the last 90 days. 20.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TSLA. Acadian Asset Management LLC increased its position in shares of Tesla by 39.9% during the 2nd quarter. Acadian Asset Management LLC now owns 61,681 shares of the electric vehicle producer's stock valued at $12,202,000 after purchasing an additional 17,592 shares during the period. Cahill Financial Advisors Inc. raised its position in Tesla by 14.8% in the second quarter. Cahill Financial Advisors Inc. now owns 1,485 shares of the electric vehicle producer's stock worth $294,000 after acquiring an additional 192 shares in the last quarter. Global X Japan Co. Ltd. lifted its holdings in Tesla by 114.0% in the 2nd quarter. Global X Japan Co. Ltd. now owns 141,779 shares of the electric vehicle producer's stock valued at $28,055,000 after acquiring an additional 75,526 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in shares of Tesla by 20.6% during the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 16,041 shares of the electric vehicle producer's stock valued at $3,174,000 after purchasing an additional 2,745 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its stake in shares of Tesla by 1.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 1,249,816 shares of the electric vehicle producer's stock worth $247,314,000 after purchasing an additional 16,451 shares during the last quarter. Institutional investors and hedge funds 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.