Morgan Stanley Increases Tesla Inc. (TSLA) Price Target to $379.00
Tesla Inc. (NASDAQ:TSLA) had its price objective raised by Morgan Stanley from $317.00 to $379.00 in a research report report published on Monday morning, MarketBeat Ratings reports. The firm currently has an equal weight rating on the electric vehicle producer’s stock.
Other equities research analysts have also recently issued reports about the company. Goldman Sachs Group, Inc. (The) lifted their price objective on Tesla from $180.00 to $190.00 in a research note on Friday, August 4th. Global Equities Research reaffirmed a buy rating and issued a $385.00 price objective on shares of Tesla in a research note on Tuesday, June 13th. Berenberg Bank raised Tesla from a hold rating to a buy rating and lifted their price objective for the company from $193.00 to $464.00 in a research note on Tuesday, June 13th. BidaskClub cut Tesla from a strong-buy rating to a buy rating in a research note on Tuesday, June 20th. Finally, Guggenheim reaffirmed a buy rating and issued a $430.00 price objective (up from $380.00) on shares of Tesla in a research note on Wednesday, July 5th. Ten analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $327.37.
Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($2.00) by $0.67. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the previous year, the firm posted ($1.06) earnings per share. The company’s revenue was up 119.6% on a year-over-year basis.
In other Tesla news, Director Stephen T. Jurvetson sold 44,777 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $340.36, for a total transaction of $15,240,299.72. Following the transaction, the director now owns 36,111 shares in the company, valued at approximately $12,290,739.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kimbal Musk sold 2,190 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $355.20, for a total value of $777,888.00. Following the transaction, the director now owns 158,584 shares in the company, valued at approximately $56,329,036.80. The disclosure for this sale can be found here. Insiders have sold a total of 51,446 shares of company stock worth $17,504,929 in the last quarter. 23.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pittenger & Anderson Inc. increased its position in Tesla by 20.0% during the 2nd quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock worth $108,000 after purchasing an additional 50 shares during the period. Winfield Associates Inc. increased its position in Tesla by 85.2% during the 2nd quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock worth $118,000 after purchasing an additional 150 shares during the period. Acropolis Investment Management LLC acquired a new position in Tesla during the 2nd quarter worth approximately $122,000. North Star Investment Management Corp. increased its position in Tesla by 2.8% during the 2nd quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock worth $122,000 after purchasing an additional 9 shares during the period. Finally, Carroll Financial Associates Inc. increased its position in Tesla by 8.7% during the 2nd quarter. Carroll Financial Associates Inc. now owns 349 shares of the electric vehicle producer’s stock worth $126,000 after purchasing an additional 28 shares during the period. Institutional investors own 56.63% of the company’s stock.
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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