Tesla Inc. (TSLA) Short Interest Down 9.7% in September
Tesla Inc. (NASDAQ:TSLA) saw a large drop in short interest during the month of September. As of September 29th, there was short interest totalling 27,064,141 shares, a drop of 9.7% from the September 15th total of 29,983,429 shares. Based on an average daily volume of 6,258,680 shares, the days-to-cover ratio is currently 4.3 days. Currently, 22.2% of the company’s shares are sold short.
In other news, Director Stephen T. Jurvetson sold 44,777 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $340.36, for a total value of $15,240,299.72. Following the transaction, the director now owns 36,111 shares of the company’s stock, valued at approximately $12,290,739.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kimbal Musk sold 2,190 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $321.36, for a total transaction of $703,778.40. Following the completion of the transaction, the director now directly owns 160,274 shares in the company, valued at approximately $51,505,652.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,446 shares of company stock worth $17,504,929. 23.10% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Great West Life Assurance Co. Can grew its stake in shares of Tesla by 2.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 69,562 shares of the electric vehicle producer’s stock worth $25,129,000 after acquiring an additional 1,802 shares in the last quarter. Perigon Wealth Management LLC grew its stake in shares of Tesla by 0.9% during the 1st quarter. Perigon Wealth Management LLC now owns 8,025 shares of the electric vehicle producer’s stock worth $2,233,000 after acquiring an additional 74 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Tesla by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 5,934,799 shares of the electric vehicle producer’s stock worth $1,651,654,000 after acquiring an additional 280,941 shares in the last quarter. Main Street Research LLC bought a new position in shares of Tesla during the 2nd quarter worth approximately $602,000. Finally, CIBC World Markets Inc. grew its stake in shares of Tesla by 74.2% during the 2nd quarter. CIBC World Markets Inc. now owns 10,575 shares of the electric vehicle producer’s stock worth $3,824,000 after acquiring an additional 4,504 shares in the last quarter. 56.63% of the stock is owned by institutional investors.
A number of brokerages have recently commented on TSLA. Vetr raised shares of Tesla from a “strong sell” rating to a “sell” rating and set a $320.97 target price on the stock in a research note on Friday. Morgan Stanley raised their target price on shares of Tesla from $317.00 to $379.00 and gave the company an “equal weight” rating in a research note on Monday. Guggenheim reissued a “buy” rating and issued a $430.00 target price on shares of Tesla in a research note on Friday, October 6th. Standpoint Research downgraded shares of Tesla from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Finally, Instinet began coverage on shares of Tesla in a research note on Wednesday, October 4th. They issued a “buy” rating and a $500.00 target price on the stock. Ten research analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $327.37.
Shares of Tesla (NASDAQ:TSLA) opened at 355.68 on Friday. The firm has a 50-day moving average of $355.03 and a 200 day moving average of $336.80. The company’s market capitalization is $59.36 billion. Tesla has a 52-week low of $178.19 and a 52-week high of $389.61.
Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Tesla had a negative net margin of 7.61% and a negative return on equity of 16.36%. The business’s quarterly revenue was up 119.6% on a year-over-year basis. During the same period last year, the business earned ($1.06) EPS. On average, analysts anticipate that Tesla will post ($6.41) EPS for the current year.
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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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