Tesla Inc. (TSLA) Stock Rating Lowered by BidaskClub
Tesla Inc. (NASDAQ:TSLA) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Tuesday.
Other equities research analysts also recently issued research reports about the company. Goldman Sachs Group, Inc. (The) boosted their price target on Tesla from $180.00 to $190.00 in a research report on Friday, August 4th. Zacks Investment Research raised Tesla from a “hold” rating to a “buy” rating and set a $345.00 price target for the company in a research report on Tuesday, April 25th. Dougherty & Co reissued a “buy” rating and set a $375.00 price target (down previously from $500.00) on shares of Tesla in a research report on Wednesday, April 26th. Guggenheim boosted their price target on Tesla from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Friday, May 5th. Finally, Berenberg Bank raised Tesla from a “hold” rating to a “buy” rating and boosted their price target for the company from $193.00 to $464.00 in a research report on Tuesday, June 13th. Eight research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have given a buy rating to the company. Tesla has an average rating of “Hold” and an average price target of $310.84.
Shares of Tesla (NASDAQ:TSLA) traded up 1.1484% during trading on Tuesday, hitting $341.7401. The stock had a trading volume of 2,688,273 shares. The stock’s 50 day moving average is $338.54 and its 200-day moving average is $312.30. Tesla has a 12-month low of $178.19 and a 12-month high of $386.99. The company’s market cap is $57.03 billion.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($2.00) by $0.67. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the previous year, the business earned ($1.06) earnings per share. The firm’s quarterly revenue was up 119.6% compared to the same quarter last year. Analysts forecast that Tesla will post ($6.18) earnings per share for the current year.
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In related news, Director Kimbal Musk sold 2,190 shares of the 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 23.10% of the company’s stock.
Institutional investors have recently modified their holdings of the company. FMR LLC raised its position in shares of Tesla by 10.9% in the first quarter. FMR LLC now owns 24,450,435 shares of the electric vehicle producer’s stock worth $6,804,556,000 after buying an additional 2,400,034 shares during the period. Renaissance Technologies LLC raised its position in shares of Tesla by 117.7% in the first quarter. Renaissance Technologies LLC now owns 677,792 shares of the electric vehicle producer’s stock worth $188,630,000 after buying an additional 366,400 shares during the period. Baillie Gifford & Co. raised its position in shares of Tesla by 2.5% in the first quarter. Baillie Gifford & Co. now owns 13,625,678 shares of the electric vehicle producer’s stock worth $3,792,025,000 after buying an additional 336,130 shares during the period. Vanguard Group Inc. raised its position in shares of Tesla by 4.9% in the second quarter. Vanguard Group Inc. now owns 6,227,401 shares of the electric vehicle producer’s stock worth $2,251,890,000 after buying an additional 292,602 shares during the period. Finally, Jennison Associates LLC raised its position in shares of Tesla by 7.6% in the first quarter. Jennison Associates LLC now owns 2,869,480 shares of the electric vehicle producer’s stock worth $798,576,000 after buying an additional 203,034 shares during the period. 62.92% of the stock is owned by institutional investors and hedge funds.
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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