Tesla Motors Inc. (TSLA) Stock Rating Lowered by Zacks Investment Research
Tesla Motors Inc. (NASDAQ:TSLA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Tesla’s estimates have been going down lately. The company has a negative record of surprises in recent quarters. After missing delivery targets in the first two quarters, Tesla significantly increased production and delivery volumes in the third quarter. The company expects to marginally increase production and delivery volume in the fourth quarter. As a result, volumes are expected to be very close to the target of 50,000 units for the second half. Tesla faces numerous headwinds, including continuous losses, high expenses and production constraints. Moreover, SolarCity’s high debt and cash outflows are concerns regarding the merger.”
TSLA has been the topic of a number of other research reports. Robert W. Baird reissued an “outperform” rating and set a $338.00 price objective on shares of Tesla Motors in a report on Sunday, September 4th. Barclays PLC set a $165.00 price objective on Tesla Motors and gave the company a “sell” rating in a report on Monday. Pacific Crest reissued a “hold” rating on shares of Tesla Motors in a report on Wednesday, September 28th. Cowen and Company initiated coverage on Tesla Motors in a research note on Thursday, September 8th. They set an “underperform” rating and a $160.00 target price for the company. Finally, Vetr upgraded Tesla Motors from a “hold” rating to a “buy” rating and set a $216.13 target price for the company in a research note on Tuesday, September 27th. Seven investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $246.30.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/12/tesla-motors-inc-tsla-stock-rating-lowered-by-zacks-investment-research.html
Shares of Tesla Motors (NASDAQ:TSLA) traded up 1.13% during midday trading on Wednesday, hitting $202.36. The stock had a trading volume of 1,616,538 shares. The firm’s market cap is $30.09 billion. Tesla Motors has a 12-month low of $141.05 and a 12-month high of $269.34. The firm has a 50-day moving average of $205.90 and a 200 day moving average of $221.27.
Tesla Motors (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, August 3rd. The electric vehicle producer reported ($1.06) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.51) by $0.55. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.67 billion. Tesla Motors had a negative net margin of 24.64% and a negative return on equity of 46.30%. The business’s revenue was up 30.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.48) EPS. On average, analysts expect that Tesla Motors will post ($0.93) earnings per share for the current year.
Several hedge funds have recently modified their holdings of TSLA. Advisory Services Network LLC raised its stake in shares of Tesla Motors by 14.5% in the third quarter. Advisory Services Network LLC now owns 489 shares of the electric vehicle producer’s stock worth $100,000 after buying an additional 62 shares during the period. Trust Co. of Vermont raised its stake in shares of Tesla Motors by 21.6% in the second quarter. Trust Co. of Vermont now owns 535 shares of the electric vehicle producer’s stock worth $114,000 after buying an additional 95 shares during the period. Toronto Dominion Bank raised its stake in shares of Tesla Motors by 171.5% in the second quarter. Toronto Dominion Bank now owns 544 shares of the electric vehicle producer’s stock worth $115,000 after buying an additional 1,305 shares during the period. Proficio Capital Partners LLC raised its stake in shares of Tesla Motors by 56.1% in the second quarter. Proficio Capital Partners LLC now owns 501 shares of the electric vehicle producer’s stock worth $116,000 after buying an additional 180 shares during the period. Finally, D. Scott Neal Inc. raised its stake in shares of Tesla Motors by 21.3% in the second quarter. D. Scott Neal Inc. now owns 570 shares of the electric vehicle producer’s stock worth $121,000 after buying an additional 100 shares during the period. Institutional investors own 66.62% of the company’s stock.
About Tesla Motors
Tesla Motors, Inc designs, develops, manufactures and sells electric vehicles and energy storage products. The Company produces and sells two electric vehicles: the Model S sedan and the Model X sport utility vehicle (SUV). The Company has delivered over 107,000 Model S vehicles across the world. In addition to developing its own vehicles, it sells energy storage products.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Tesla Motors Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tesla Motors Inc. and related companies with MarketBeat.com's FREE daily email newsletter.