Instinet started coverage on shares of Tesla Inc. (NASDAQ:TSLA) in a report published on Wednesday. The firm issued a buy rating and a $500.00 price objective on the electric vehicle producer’s stock.

A number of other research analysts have also weighed in on TSLA. Sanford C. Bernstein reaffirmed a market perform rating and issued a $265.00 price target on shares of Tesla in a research note on Tuesday. Nomura started coverage on shares of Tesla in a research note on Wednesday. They issued a buy rating and a $500.00 price target on the stock. BidaskClub lowered shares of Tesla from a strong-buy rating to a buy rating in a research note on Tuesday, June 20th. Citigroup Inc. started coverage on shares of Tesla in a research note on Thursday, July 20th. They issued a neutral rating and a $357.00 price target on the stock. Finally, Berenberg Bank reaffirmed a buy rating on shares of Tesla in a research note on Thursday, August 3rd. Ten analysts have rated the stock with a sell rating, twelve have issued 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 $324.87.

Tesla (NASDAQ:TSLA) traded down 0.0063% on Wednesday, reaching $354.9875. 3,613,196 shares of the company’s stock traded hands. The firm’s market cap is $59.24 billion. The stock’s 50 day moving average is $354.26 and its 200 day moving average is $333.21. Tesla has a 52-week low of $178.19 and a 52-week high of $389.61.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($2.00) by $0.67. Tesla had a negative net margin of 7.61% and a negative return on equity of 16.36%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the firm earned ($1.06) EPS. Tesla’s quarterly revenue was up 119.6% compared to the same quarter last year. On average, equities research analysts predict that Tesla will post ($6.28) EPS for the current fiscal year.

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In other news, Director Kimbal Musk sold 2,190 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total transaction of $703,778.40. Following the completion of the sale, the director now directly owns 160,274 shares of the company’s stock, valued at approximately $51,505,652.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Eric Branderiz sold 99 shares of the firm’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $350.12, for a total value of $34,661.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,446 shares of company stock valued at $17,504,929. Insiders own 23.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Flagship Harbor Advisors LLC increased its position in shares of Tesla by 0.4% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 987 shares of the electric vehicle producer’s stock valued at $309,000 after purchasing an additional 4 shares during the last quarter. North Star Investment Management Corp. increased its position in shares of Tesla by 2.8% during the 2nd quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock valued at $122,000 after purchasing an additional 9 shares during the last quarter. Cornerstone Advisors Inc. increased its position in shares of Tesla by 2.3% during the 2nd quarter. Cornerstone Advisors Inc. now owns 402 shares of the electric vehicle producer’s stock valued at $145,000 after purchasing an additional 9 shares during the last quarter. Sterling Investment Advisors Ltd. increased its position in shares of Tesla by 2.2% during the 2nd quarter. Sterling Investment Advisors Ltd. now owns 853 shares of the electric vehicle producer’s stock valued at $308,000 after purchasing an additional 18 shares during the last quarter. Finally, Gemmer Asset Management LLC increased its position in shares of Tesla by 2.6% during the 2nd quarter. Gemmer Asset Management LLC now owns 779 shares of the electric vehicle producer’s stock valued at $282,000 after purchasing an additional 20 shares during the last quarter. 56.63% of the stock is owned by hedge funds and other institutional investors.

About Tesla

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.

Analyst Recommendations for Tesla (NASDAQ:TSLA)

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