Tesla Inc. (TSLA) Now Covered by Analysts at Instinet
Instinet assumed coverage on shares of Tesla Inc. (NASDAQ:TSLA) in a report published on Wednesday, October 4th, Marketbeat Ratings reports. The firm issued a buy rating and a $500.00 price objective on the electric vehicle producer’s stock.
TSLA has been the subject of a number of other reports. Sanford C. Bernstein reiterated a market perform rating and issued a $265.00 target price on shares of Tesla in a research note on Tuesday, October 3rd. Vetr cut shares of Tesla from a buy rating to a hold rating and set a $371.10 target price for the company. in a research note on Wednesday, August 9th. Robert W. Baird reissued an outperform rating and set a $411.00 price target (up from $368.00) on shares of Tesla in a research report on Monday, August 14th. Goldman Sachs Group, Inc. (The) reissued a sell rating and set a $210.00 price target on shares of Tesla in a research report on Tuesday, October 3rd. Finally, Morgan Stanley reissued an equal weight rating and set a $317.00 price target on shares of Tesla in a research report on Tuesday, October 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 company’s stock. The company currently has an average rating of Hold and an average price target of $327.37.
Tesla (TSLA) traded down 0.03% on Wednesday, hitting $355.57. The stock had a trading volume of 3,540,533 shares. The company has a 50 day moving average of $355.10 and a 200 day moving average of $337.41. The company’s market capitalization is $59.34 billion. Tesla has a 12-month low of $178.19 and a 12-month high of $389.61.
Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the business earned ($1.06) EPS. The firm’s quarterly revenue was up 119.6% on a year-over-year basis. On average, equities analysts expect that Tesla will post ($6.41) earnings per share for the current year.
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In other Tesla news, Director Stephen T. Jurvetson sold 44,777 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 36,111 shares of the company’s stock, valued at approximately $12,290,739.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kimbal Musk sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total value of $703,778.40. Following the completion of the sale, the director now directly owns 160,274 shares in the company, valued at $51,505,652.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,446 shares of company stock valued at $17,504,929. Company insiders own 23.10% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TSLA. Renaissance Technologies LLC lifted its stake in shares of Tesla by 117.7% in the 1st quarter. Renaissance Technologies LLC now owns 677,792 shares of the electric vehicle producer’s stock valued at $188,630,000 after purchasing an additional 366,400 shares in the last quarter. Baillie Gifford & Co. lifted its stake in shares of Tesla by 2.5% in the 1st quarter. Baillie Gifford & Co. now owns 13,625,678 shares of the electric vehicle producer’s stock valued at $3,792,025,000 after purchasing an additional 336,130 shares in the last quarter. Vanguard Group Inc. lifted its stake 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 valued at $2,251,890,000 after purchasing an additional 292,602 shares in the last quarter. Whale Rock Capital Management LLC acquired a new position in shares of Tesla in the 2nd quarter valued at about $66,601,000. Finally, TIAA CREF Investment Management LLC lifted its stake in shares of Tesla by 25.9% in the 1st quarter. TIAA CREF Investment Management LLC now owns 812,857 shares of the electric vehicle producer’s stock valued at $226,218,000 after purchasing an additional 167,348 shares in the last quarter. 56.63% of the stock is currently owned by institutional investors and hedge funds.
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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