Tesla (NASDAQ:TSLA) Given New $341.00 Price Target at Bank of America

Tesla (NASDAQ:TSLA - Get Free Report) had its price objective increased by stock analysts at Bank of America from $305.00 to $341.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the electric vehicle producer's stock. Bank of America's target price points to a potential upside of 3.82% from the stock's current price.

Other equities analysts have also recently issued research reports about the company. Truist Financial set a $280.00 price target on Tesla in a report on Tuesday, April 22nd. Glj Research restated a "sell" rating and set a $19.05 price objective (down previously from $24.86) on shares of Tesla in a report on Monday, April 21st. Barclays reduced their price objective on Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Wedbush restated an "outperform" rating and set a $500.00 price objective on shares of Tesla in a report on Tuesday, July 8th. Finally, HSBC restated a "reduce" rating and set a $120.00 price objective on shares of Tesla in a report on Thursday, July 3rd. Ten investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $298.97.

Tesla Stock Down 0.4%

Shares of NASDAQ:TSLA traded down $1.20 during midday trading on Monday, reaching $328.45. The company had a trading volume of 24,310,712 shares, compared to its average volume of 98,650,267. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The business's 50 day moving average price is $326.27 and its 200 day moving average price is $316.26. The stock has a market cap of $1.06 trillion, a PE ratio of 180.33, a P/E/G ratio of 12.56 and a beta of 2.39. Tesla has a 1-year low of $182.00 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The company had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. During the same period in the prior year, the firm posted $0.45 EPS. Research analysts forecast that Tesla will post 2.56 EPS for the current fiscal year.

Insider Activity at Tesla

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director directly owned 855,394 shares in the company, valued at $305,632,276.20. The trade was a 35.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president directly owned 67,600 shares of the company's stock, valued at $21,889,556. This represents a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 835,509 shares of company stock worth $279,420,485. Company insiders own 20.70% of the company's stock.

Hedge Funds Weigh In On Tesla

Several hedge funds and other institutional investors have recently modified their holdings of the company. Eagle Capital Management LLC bought a new position in shares of Tesla during the fourth quarter valued at approximately $331,000. Brighton Jones LLC increased its stake in shares of Tesla by 11.8% in the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after purchasing an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in shares of Tesla by 21.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after purchasing an additional 931 shares in the last quarter. Mascagni Wealth Management Inc. purchased a new position in shares of Tesla during the 4th quarter valued at $346,000. Finally, Highview Capital Management LLC DE purchased a new position in shares of Tesla during the 4th quarter valued at $2,367,000. 66.20% of the stock is owned by institutional investors.

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.

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