Tesla (TSLA) Bonds Drop 1.7% During Trading Insider Trade
An issue of Tesla Inc (NASDAQ:TSLA) bonds fell 1.7% against their face value during trading on Friday following insider selling activity. The high-yield debt issue has a 5.3% coupon and will mature on August 15, 2025. The bonds in the issue are now trading at $96.55 and were trading at $96.00 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price. Specifically, Director Kimbal Musk sold 2,190 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $341.69, for a total value of $748,301.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John Douglas Field sold 600 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $301.60, for a total value of $180,960.00. Following the completion of the transaction, the vice president now owns 21,424 shares in the company, valued at approximately $6,461,478.40. The disclosure for this sale can be found here. Insiders sold 12,817 shares of company stock worth $4,171,699 in the last 90 days. Corporate insiders own 23.10% of the company’s stock.
A number of brokerages have commented on TSLA. Robert W. Baird restated a “buy” rating and issued a $411.00 target price on shares of Tesla in a research note on Friday, September 29th. Vetr downgraded Tesla from a “sell” rating to a “strong sell” rating and set a $298.58 price target for the company. in a research note on Tuesday, September 26th. Morgan Stanley reiterated an “equal weight” rating and set a $317.00 price target on shares of Tesla in a research note on Tuesday, October 3rd. Piper Jaffray Companies reiterated an “overweight” rating and set a $386.00 price target on shares of Tesla in a research note on Wednesday, September 27th. Finally, Instinet began coverage on Tesla in a research note on Wednesday, October 4th. They set a “buy” rating and a $500.00 price target for the company. Thirteen analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $331.04.
The company has a current ratio of 1.09, a quick ratio of 0.71 and a debt-to-equity ratio of 1.66.
Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, November 1st. The electric vehicle producer reported ($2.92) earnings per share for the quarter, beating the consensus estimate of ($3.09) by $0.17. Tesla had a negative return on equity of 24.88% and a negative net margin of 13.09%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the company earned $0.71 EPS. The firm’s revenue for the quarter was up 29.9% compared to the same quarter last year. analysts forecast that Tesla Inc will post -11.38 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in the stock. Wealthcare Advisory Partners LLC acquired a new position in Tesla in the 3rd quarter valued at approximately $100,000. Mckinley Capital Management LLC Delaware acquired a new position in Tesla in the 3rd quarter valued at approximately $106,000. Pittenger & Anderson Inc. raised its holdings in Tesla by 20.0% in the 2nd quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock valued at $108,000 after acquiring an additional 50 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in Tesla by 285.7% in the 2nd quarter. First Eagle Investment Management LLC now owns 405 shares of the electric vehicle producer’s stock valued at $146,000 after acquiring an additional 300 shares in the last quarter. Finally, First Personal Financial Services acquired a new position in Tesla in the 3rd quarter valued at approximately $148,000. Hedge funds and other institutional investors own 57.20% of the company’s stock.
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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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