Tesla Inc (NASDAQ:TSLA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, May 5th.
According to Zacks, “Tesla’s adjusted loss per share in first-quarter 2017 was significantly wider than estimates. The company caters to a niche market and has been recording losses over the last few years. 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. However, Tesla’s higher sales improved revenues in the quarter, which beat estimates. The company reported record deliveries in the first quarter of 2017. The company is focused on geographical expansions and acquisitions for growth. Tesla also remains on track with its Model 3 production. Moreover, the company is rapidly expanding its charging network and ramping up production to meet the demand for both. The company has outperformed the Zacks categorized Automotive-Domestic industry over the last three months.”
Several other research firms have also recently weighed in on TSLA. Deutsche Bank AG reaffirmed a “hold” rating and issued a $240.00 price target on shares of Tesla in a report on Thursday, May 4th. Robert W. Baird set a $368.00 price target on shares of Tesla and gave the stock a “buy” rating in a report on Thursday, March 2nd. Vetr cut shares of Tesla from a “hold” rating to a “sell” rating and set a $244.11 price target on the stock. in a report on Tuesday, January 31st. FBN Securities upped their price target on shares of Tesla from $275.00 to $425.00 and gave the stock an “outperform” rating in a report on Monday, April 3rd. Finally, Cowen and Company set a $155.00 price target on shares of Tesla and gave the stock a “sell” rating in a report on Thursday, February 23rd. Eight research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Tesla presently has an average rating of “Hold” and an average target price of $274.06.
Shares of Tesla (NASDAQ:TSLA) traded up 0.37% on Friday, hitting $314.21. The stock had a trading volume of 2,330,874 shares. Tesla has a 52 week low of $178.19 and a 52 week high of $327.66. The firm has a 50 day moving average price of $307.34 and a 200-day moving average price of $248.67. The company’s market cap is $51.61 billion.
Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, May 3rd. The electric vehicle producer reported ($1.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by $1.30. The company had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.56 billion. Tesla had a negative return on equity of 29.17% and a negative net margin of 14.74%. Analysts anticipate that Tesla will post ($5.55) EPS for the current year.
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In other news, CEO Elon Musk purchased 95,420 shares of Tesla stock in a transaction that occurred on Friday, March 17th. The stock was bought at an average price of $262.00 per share, with a total value of $25,000,040.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey B. Straubel sold 109,100 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $307.81, for a total transaction of $33,582,071.00. The disclosure for this sale can be found here. Insiders have sold 242,791 shares of company stock valued at $74,745,344 in the last ninety days. Insiders own 27.70% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. FMR LLC increased its stake in shares of Tesla by 13.3% in the fourth quarter. FMR LLC now owns 22,050,401 shares of the electric vehicle producer’s stock valued at $4,711,950,000 after buying an additional 2,582,730 shares during the period. Baillie Gifford & Co. increased its stake in shares of Tesla by 3.5% in the fourth quarter. Baillie Gifford & Co. now owns 13,289,548 shares of the electric vehicle producer’s stock valued at $2,839,843,000 after buying an additional 454,467 shares during the period. Norges Bank purchased a new stake in shares of Tesla during the fourth quarter valued at $94,658,000. Renaissance Technologies LLC increased its stake in shares of 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 buying an additional 366,400 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Tesla by 5.0% in the first quarter. Vanguard Group Inc. now owns 5,934,799 shares of the electric vehicle producer’s stock valued at $1,651,654,000 after buying an additional 280,941 shares during the period. 57.29% of the stock is owned by 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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