Tesla Inc. (TSLA) Price Target Cut to $310.00
Tesla Inc. (NASDAQ:TSLA) had its target price cut by investment analysts at Deutsche Bank AG from $320.00 to $310.00 in a report issued on Thursday. The brokerage presently has a “hold” rating on the electric vehicle producer’s stock. Deutsche Bank AG’s price objective suggests a potential downside of 6.49% from the company’s previous close.
A number of other equities research analysts also recently weighed in on the company. J P Morgan Chase & Co reissued an “underweight” rating and set a $185.00 target price on shares of Tesla in a research report on Thursday. Royal Bank Of Canada decreased their target price on Tesla from $345.00 to $340.00 and set a “sector perform” rating on the stock in a research report on Thursday. Nomura reissued a “buy” rating and set a $500.00 target price on shares of Tesla in a research report on Tuesday. Evercore ISI decreased their target price on Tesla from $330.00 to $312.00 and set an “outperform” rating on the stock in a research report on Sunday. Finally, Jefferies Group LLC downgraded Tesla from an “in-line” rating to an “underperform” rating and decreased their target price for the stock from $312.00 to $240.00 in a research report on Friday, October 27th. Ten analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $331.78.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, November 1st. The electric vehicle producer reported ($2.92) EPS for the quarter, topping analysts’ consensus estimates of ($3.09) by $0.17. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same period in the previous year, the company posted $0.71 earnings per share. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis.
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In related news, Director Stephen T. Jurvetson sold 44,777 shares of the company’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 completion of the transaction, 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 document filed with the SEC, which is available through the SEC website. Also, VP Eric Branderiz sold 99 shares of the company’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $350.12, for a total transaction of $34,661.88. The disclosure for this sale can be found here. Insiders sold a total of 50,992 shares of company stock valued at $17,390,505 in the last three months. 23.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pittenger & Anderson Inc. boosted its stake in Tesla by 20.0% in the 2nd quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock worth $108,000 after purchasing an additional 50 shares during the period. Winfield Associates Inc. boosted its stake in Tesla by 85.2% in the 2nd quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock worth $118,000 after purchasing an additional 150 shares during the period. Acropolis Investment Management LLC acquired a new position in Tesla in the 2nd quarter worth $122,000. North Star Investment Management Corp. boosted its stake in Tesla by 2.8% in the 2nd quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock worth $122,000 after purchasing an additional 9 shares during the period. Finally, Carroll Financial Associates Inc. boosted its stake in Tesla by 8.7% in the 2nd quarter. Carroll Financial Associates Inc. now owns 349 shares of the electric vehicle producer’s stock worth $126,000 after purchasing an additional 28 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.
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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