Zacks Investment Research Upgrades Tesla (TSLA) to Hold

Tesla (NASDAQ:TSLA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.

According to Zacks, “Tesla’s incurred adjusted loss of $2.92 per share in third-quarter 2017, wider than the Zacks Consensus Estimate of a loss of $2.45. During the quarter, the company reported revenues of $2.98 billion, which came higher than both the Zacks Consensus Estimate and the prior-year quarter figure. During third-quarter 2017, Tesla delivered 220 Model 3s and produced 260, missing the production target of 1,500. This indicates that production has not been as smooth as anticipated. Tesla attributed production bottlenecks for this slow production. The company caters to a niche market and has been recording losses over the last few years. Moreover, the company is facing supply chain problems which are restricting its ability to increase production. High research and development costs, low number of chargers, high requirement of capital expenditure and opposition to direct selling in some states are other headwinds. “

A number of other brokerages have also issued reports on TSLA. KeyCorp restated a “hold” rating on shares of Tesla in a research note on Thursday. Nomura restated a “buy” rating and issued a $500.00 target price on shares of Tesla in a research note on Thursday. Robert W. Baird restated a “buy” rating and issued a $411.00 target price on shares of Tesla in a research note on Friday, September 29th. Bank of America set a $155.00 target price on shares of Tesla and gave the company a “sell” rating in a research note on Wednesday. Finally, Vetr lowered shares of Tesla from a “sell” rating to a “strong sell” rating and set a $298.58 target price on the stock. in a research note on Tuesday, September 26th. Eleven analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $329.47.

Shares of Tesla (NASDAQ:TSLA) traded up $1.40 during mid-day trading on Friday, reaching $316.02. 3,656,469 shares of the company’s stock were exchanged, compared to its average volume of 5,560,000. Tesla has a 52-week low of $221.95 and a 52-week high of $389.61. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.09 and a quick ratio of 0.71. The firm has a market cap of $53,120.00, a price-to-earnings ratio of -36.92 and a beta of 0.94.

Tesla (NASDAQ:TSLA) last issued 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 net margin of 13.09% and a negative return on equity of 24.88%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the previous year, the business posted $0.71 EPS. The firm’s revenue was up 29.9% compared to the same quarter last year. research analysts predict that Tesla will post -11.38 EPS for the current fiscal year.

In other news, VP John Douglas Field sold 600 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $301.60, for a total value of $180,960.00. Following the completion of the transaction, the vice president now directly owns 21,424 shares in the company, valued at $6,461,478.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Eric Branderiz sold 1,736 shares of the stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $339.49, for a total transaction of $589,354.64. Following the completion of the transaction, the vice president now owns 1,736 shares of the company’s stock, valued at $589,354.64. The disclosure for this sale can be found here. Insiders sold 14,692 shares of company stock valued at $4,692,003 over the last quarter. Insiders own 23.10% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Wealthcare Advisory Partners LLC acquired a new stake in Tesla during the third quarter valued at approximately $100,000. Pittenger & Anderson Inc. lifted its position in shares of Tesla by 20.0% in the 2nd quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock valued at $108,000 after acquiring an additional 50 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Tesla in the 3rd quarter valued at approximately $106,000. Winfield Associates Inc. lifted its position in shares of Tesla by 85.2% in the 2nd quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock valued at $118,000 after acquiring an additional 150 shares in the last quarter. Finally, Acropolis Investment Management LLC purchased a new stake in shares of Tesla in the 2nd quarter valued at approximately $122,000. Institutional investors and hedge funds own 57.12% of the company’s stock.

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About Tesla

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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