Sanford C. Bernstein Reaffirms “Hold” Rating for Tesla Inc. (TSLA)
Tesla Inc. (NASDAQ:TSLA)‘s stock had its “hold” rating reissued by equities research analysts at Sanford C. Bernstein in a research note issued on Thursday. They currently have a $265.00 price target on the electric vehicle producer’s stock. Sanford C. Bernstein’s price target would suggest a potential downside of 29.85% from the stock’s previous close.
Other analysts have also issued research reports about the stock. Vetr upgraded shares of Tesla from a “strong sell” rating to a “sell” rating and set a $278.94 target price on the stock in a research report on Wednesday, May 17th. ValuEngine upgraded shares of Tesla from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub lowered shares of Tesla from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 20th. Citigroup Inc. assumed coverage on shares of Tesla in a report on Thursday, July 20th. They set a “neutral” rating and a $357.00 price target on the stock. Finally, Berenberg Bank reiterated a “buy” rating on shares of Tesla in a report on Thursday, August 3rd. Eight 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. The company has an average rating of “Hold” and an average price target of $315.31.
Shares of Tesla (NASDAQ:TSLA) traded up 3.14% on Thursday, hitting $377.74. The stock had a trading volume of 7,178,072 shares. Tesla has a 12-month low of $178.19 and a 12-month high of $386.99. The firm’s market capitalization is $63.04 billion. The company has a 50 day moving average of $349.04 and a 200-day moving average of $321.39.
Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the business posted ($1.06) earnings per share. The company’s quarterly revenue was up 119.6% on a year-over-year basis. Equities analysts predict that Tesla will post ($6.26) EPS for the current fiscal year.
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In related news, VP Eric Branderiz sold 99 shares of the business’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $350.12, for a total transaction of $34,661.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kimbal Musk sold 2,190 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total transaction of $703,778.40. Following the transaction, the director now owns 160,274 shares in the company, valued at $51,505,652.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 53,946 shares of company stock worth $18,481,047. 23.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in TSLA. FMR LLC boosted its holdings in Tesla by 10.9% during the first quarter. FMR LLC now owns 24,450,435 shares of the electric vehicle producer’s stock worth $6,804,556,000 after purchasing an additional 2,400,034 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Tesla by 117.7% in the first quarter. Renaissance Technologies LLC now owns 677,792 shares of the electric vehicle producer’s stock valued at $188,630,000 after acquiring an additional 366,400 shares during the last quarter. Baillie Gifford & Co. boosted its stake in Tesla by 2.5% in the first quarter. Baillie Gifford & Co. now owns 13,625,678 shares of the electric vehicle producer’s stock valued at $3,792,025,000 after acquiring an additional 336,130 shares during the last quarter. Vanguard Group Inc. boosted its stake in Tesla by 4.9% in the second quarter. Vanguard Group Inc. now owns 6,227,401 shares of the electric vehicle producer’s stock valued at $2,251,890,000 after acquiring an additional 292,602 shares during the last quarter. Finally, Whale Rock Capital Management LLC purchased a new position in Tesla in the second quarter valued at about $66,601,000. Institutional investors and hedge funds own 56.67% of the company’s stock.
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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