Tesla’s (TSLA) “Equal Weight” Rating Reiterated at Morgan Stanley
Morgan Stanley reissued their equal weight rating on shares of Tesla Inc. (NASDAQ:TSLA) in a report released on Tuesday. They currently have a $317.00 price target on the electric vehicle producer’s stock.
A number of other research firms have also recently issued reports on TSLA. Vetr cut Tesla from a strong-buy rating to a buy rating and set a $385.74 target price on the stock. in a research note on Thursday, August 3rd. Goldman Sachs Group, Inc. (The) reiterated a sell rating and issued a $180.00 target price (down from $190.00) on shares of Tesla in a research note on Wednesday, July 5th. Sanford C. Bernstein set a $265.00 target price on Tesla and gave the company a neutral rating in a research note on Wednesday, September 20th. Royal Bank Of Canada lifted their price objective on shares of Tesla from $314.00 to $345.00 and gave the company a sector perform rating in a research note on Thursday, August 3rd. Finally, Guggenheim restated a buy rating and set a $430.00 price objective on shares of Tesla in a research note on Thursday, August 10th. Ten research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Tesla currently has an average rating of Hold and a consensus target price of $324.87.
Shares of Tesla (NASDAQ:TSLA) traded up 0.44% during trading on Tuesday, reaching $356.88. 4,297,474 shares of the company’s stock traded hands. Tesla has a 1-year low of $178.19 and a 1-year high of $389.61. The company’s market capitalization is $59.56 billion. The company has a 50 day moving average of $354.19 and a 200-day moving average of $334.05.
Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.00) by $0.67. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The firm’s quarterly revenue was up 119.6% compared to the same quarter last year. During the same period last year, the business posted ($1.06) earnings per share. Equities analysts predict that Tesla will post ($6.28) earnings per share for the current year.
In other Tesla news, Director Kimbal Musk sold 2,190 shares of Tesla stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total value of $703,778.40. Following the transaction, 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 document filed with the SEC, which is accessible through this link. Also, Director Stephen T. Jurvetson sold 44,777 shares of Tesla stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $340.36, for a total value of $15,240,299.72. Following the completion of the transaction, the director now directly owns 36,111 shares in the company, valued at $12,290,739.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,446 shares of company stock worth $17,504,929. Company insiders own 23.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of TSLA. Pittenger & Anderson Inc. increased its position in Tesla by 20.0% in the 2nd quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock worth $108,000 after buying an additional 50 shares during the period. SRS Capital Advisors Inc. increased its position in Tesla by 1,213.3% in the 1st quarter. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer’s stock worth $109,000 after buying an additional 364 shares during the period. Winfield Associates Inc. increased its position in Tesla by 85.2% in the 2nd quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock worth $118,000 after buying an additional 150 shares during the period. Acropolis Investment Management LLC bought a new position in Tesla in the 2nd quarter worth approximately $122,000. Finally, North Star Investment Management Corp. increased its position in Tesla by 2.8% in the 2nd quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock worth $122,000 after buying an additional 9 shares during the period. 56.63% of the stock is currently owned by institutional investors.
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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