Tesla Inc. (TSLA) Bond Prices Fall 1.9% Analyst
An issue of Tesla Inc. (NASDAQ:TSLA) bonds fell 1.9% against their face value during trading on Thursday after Deutsche Bank AG lowered their price target on the stock from $320.00 to $310.00. The debt issue has a 5.3% coupon and will mature on August 15, 2025. The bonds in the issue are now trading at $94.88 and were trading at $97.56 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
Other equities research analysts have also issued reports about the company. J P Morgan Chase & Co restated an “underweight” rating and set a $185.00 price target on shares of Tesla in a research note on Thursday. Royal Bank Of Canada dropped their price target on Tesla from $345.00 to $340.00 and set a “sector perform” rating for the company in a research note on Thursday. Nomura restated a “buy” rating and set a $500.00 price target on shares of Tesla in a research note on Tuesday. Evercore ISI dropped their price target on Tesla from $330.00 to $312.00 and set an “outperform” rating for the company in a research note on Sunday, October 29th. Finally, Jefferies Group LLC lowered Tesla from an “in-line” rating to an “underperform” rating and dropped their price target for the stock from $312.00 to $240.00 in a research note on Friday, October 27th. Ten investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. Tesla presently has an average rating of “Hold” and an average target price of $331.40.
In related news, VP Eric Branderiz sold 99 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $350.12, for a total value of $34,661.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kimbal Musk sold 2,190 shares of the firm’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 completion of the sale, the director now directly owns 158,584 shares in the company, valued at approximately $56,329,036.80. The disclosure for this sale can be found here. In the last three months, insiders sold 50,992 shares of company stock worth $17,390,505. Company insiders own 23.10% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Tesla by 4.9% in the 2nd quarter. Vanguard Group Inc. now owns 6,227,401 shares of the electric vehicle producer’s stock worth $2,251,890,000 after purchasing an additional 292,602 shares during the last quarter. Capital World Investors lifted its holdings in shares of Tesla by 0.6% in the 2nd quarter. Capital World Investors now owns 3,016,552 shares of the electric vehicle producer’s stock worth $1,090,815,000 after purchasing an additional 17,452 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Tesla by 4.3% in the 2nd quarter. Jennison Associates LLC now owns 3,002,685 shares of the electric vehicle producer’s stock worth $1,085,801,000 after purchasing an additional 124,511 shares during the last quarter. Gilder Gagnon Howe & Co. LLC lifted its holdings in shares of Tesla by 0.4% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 692,792 shares of the electric vehicle producer’s stock worth $250,521,000 after purchasing an additional 2,754 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Tesla by 8.3% in the 2nd quarter. Legal & General Group Plc now owns 538,252 shares of the electric vehicle producer’s stock worth $194,637,000 after purchasing an additional 41,435 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.
Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, November 1st. The electric vehicle producer reported ($2.92) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.09) by $0.17. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.94 billion. Tesla had a negative return on equity of 24.80% and a negative net margin of 13.09%. The company’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.71 earnings per share.
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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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