Tesla (NASDAQ:TSLA) had its target price reduced by Canaccord Genuity from $394.00 to $350.00 in a research note issued to investors on Thursday morning, The Fly reports. They currently have a buy rating on the electric vehicle producer’s stock.
Several other research firms also recently issued reports on TSLA. Goldman Sachs Group set a €76.30 ($88.72) price target on Stroeer SE & Co KGaA and gave the company a buy rating in a research note on Thursday. Barclays set a $89.00 price target on Franco Nevada and gave the company a hold rating in a research note on Friday, July 19th. JPMorgan Chase & Co. lifted their price target on from GBX 385 ($5.03) to GBX 480 ($6.27) and gave the company an overweight rating in a research note on Wednesday, July 3rd. Wedbush dropped their price target on PTC from $100.00 to $90.00 and set a neutral rating on the stock in a research note on Thursday. Finally, Nomura set a $300.00 price target on Tesla and gave the company a hold rating in a research note on Wednesday, July 3rd. Seventeen investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $273.61.
TSLA stock traded up $0.17 during midday trading on Thursday, hitting $228.99. 527,648 shares of the company’s stock were exchanged, compared to its average volume of 7,677,540. The stock’s fifty day moving average is $230.33. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.42 and a current ratio of 0.83. The company has a market cap of $46.02 billion, a P/E ratio of -39.89 and a beta of 0.62. Tesla has a one year low of $176.99 and a one year high of $387.46.
Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, July 24th. The electric vehicle producer reported ($2.31) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.55) by ($0.76). The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.44 billion. Tesla had a negative return on equity of 11.97% and a negative net margin of 2.64%. The business’s revenue was up 58.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($3.06) earnings per share. On average, analysts predict that Tesla will post -4.61 earnings per share for the current fiscal year.
In other Tesla news, CFO Zachary Kirkhorn sold 150 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $255.68, for a total transaction of $38,352.00. Following the transaction, the chief financial officer now owns 9,962 shares of the company’s stock, valued at $2,547,084.16. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeffrey B. Straubel sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $189.89, for a total value of $2,848,350.00. Following the transaction, the insider now directly owns 321,398 shares in the company, valued at approximately $61,030,266.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,456 shares of company stock worth $21,130,430. 24.40% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Tesla during the fourth quarter worth approximately $470,949,000. Northern Trust Corp increased its position in Tesla by 1.0% during the first quarter. Northern Trust Corp now owns 924,061 shares of the electric vehicle producer’s stock worth $258,608,000 after buying an additional 9,430 shares during the last quarter. ARK Investment Management LLC increased its position in Tesla by 82.0% during the first quarter. ARK Investment Management LLC now owns 753,850 shares of the electric vehicle producer’s stock worth $210,972,000 after buying an additional 339,743 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Tesla by 7.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 672,807 shares of the electric vehicle producer’s stock worth $188,292,000 after buying an additional 45,573 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD increased its position in Tesla by 200.7% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 481,122 shares of the electric vehicle producer’s stock worth $134,646,000 after buying an additional 321,112 shares during the last quarter. 55.77% of the stock is currently owned by hedge funds and other institutional investors.
Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.
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