Tesla Inc. (TSLA) Receives “Equal Weight” Rating from Morgan Stanley
Morgan Stanley restated their equal weight rating on shares of Tesla Inc. (NASDAQ:TSLA) in a research report sent to investors on Tuesday morning. They currently have a $317.00 price objective on the electric vehicle producer’s stock.
Several other research firms have also issued reports on TSLA. Pacific Crest reiterated an equal weight rating on shares of Tesla in a research note on Tuesday, June 6th. Berenberg Bank upgraded shares of Tesla from a hold rating to a buy rating and boosted their target price for the stock from $193.00 to $464.00 in a report on Tuesday, June 13th. Global Equities Research reissued a buy rating and set a $385.00 price target on shares of Tesla in a research report on Tuesday, June 13th. Vetr raised shares of Tesla from a strong sell rating to a sell rating and set a $335.62 price target for the company in a research report on Tuesday, June 13th. Finally, Robert W. Baird reissued an outperform rating and set a $368.00 price target on shares of Tesla in a research report on Tuesday, June 20th. Nine equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $325.52.
Shares of Tesla (NASDAQ:TSLA) traded up 2.49% on Tuesday, hitting $356.80. 4,325,196 shares of the stock traded hands. The stock’s market cap is $59.55 billion. The stock’s 50 day moving average price is $354.47 and its 200 day moving average price is $333.05. Tesla has a 52-week low of $178.19 and a 52-week high of $389.61.
Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The business’s revenue for the quarter was up 119.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.06) EPS. On average, equities analysts expect that Tesla will post ($6.32) EPS for the current fiscal year.
In related news, Director Kimbal Musk sold 2,190 shares of the company’s stock in a transaction dated 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 sale, the director now owns 160,274 shares of the company’s stock, valued at approximately $51,505,652.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Eric Branderiz sold 99 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were 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. Over the last three months, insiders sold 49,256 shares of company stock worth $16,756,628. Insiders own 23.10% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in TSLA. Great West Life Assurance Co. Can boosted its holdings 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 purchasing an additional 1,802 shares during the last quarter. Perigon Wealth Management LLC grew its position in shares of Tesla by 0.9% in the first quarter. Perigon Wealth Management LLC now owns 8,025 shares of the electric vehicle producer’s stock valued at $2,233,000 after purchasing an additional 74 shares in the last quarter. Vanguard Group Inc. grew its position 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 purchasing an additional 280,941 shares in the last quarter. Main Street Research LLC purchased a new stake in shares of Tesla in the second quarter valued at approximately $602,000. Finally, CIBC World Markets Inc. grew its position in shares of Tesla by 74.2% in the second quarter. CIBC World Markets Inc. now owns 10,575 shares of the electric vehicle producer’s stock valued at $3,824,000 after purchasing an additional 4,504 shares in the last quarter. 56.63% of the stock is currently owned by institutional investors and hedge funds.
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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