Nomura Initiates Coverage on Tesla Inc. (TSLA)
Analysts at Nomura started coverage on shares of Tesla Inc. (NASDAQ:TSLA) in a report issued on Wednesday. The brokerage set a “buy” rating and a $500.00 price target on the electric vehicle producer’s stock. Nomura’s target price would suggest a potential upside of 40.71% from the company’s previous close.
A number of other equities research analysts have also recently weighed in on TSLA. Sanford C. Bernstein reiterated a “market perform” rating and issued a $265.00 price objective on shares of Tesla in a research note on Tuesday. Vetr cut Tesla from a “buy” rating to a “hold” rating and set a $371.10 price objective for the company. in a research note on Wednesday, August 9th. Robert W. Baird reiterated an “outperform” rating and issued a $411.00 price objective (up previously from $368.00) on shares of Tesla in a research note on Monday, August 14th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and issued a $210.00 price objective on shares of Tesla in a research note on Tuesday. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $317.00 price objective on shares of Tesla in a research note on Tuesday. Ten investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $324.87.
Tesla (TSLA) opened at 355.33 on Wednesday. The company has a 50-day moving average of $354.05 and a 200 day moving average of $333.37. The firm’s market cap is $59.30 billion. Tesla has a one year low of $178.19 and a one year high of $389.61.
Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($2.00) by $0.67. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the previous year, the business earned ($1.06) earnings per share. The firm’s revenue for the quarter was up 119.6% on a year-over-year basis. Equities research analysts expect that Tesla will post ($6.28) earnings per share for the current fiscal year.
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In other news, Director Kimbal Musk sold 2,190 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $355.20, for a total value of $777,888.00. Following the transaction, the director now directly owns 158,584 shares in the company, valued at approximately $56,329,036.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Stephen T. Jurvetson sold 44,777 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was 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 owns 36,111 shares in the company, valued at $12,290,739.96. The disclosure for this sale can be found here. Insiders have sold 51,446 shares of company stock worth $17,504,929 over the last quarter. 23.10% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Pittenger & Anderson Inc. raised its holdings 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 worth $108,000 after purchasing an additional 50 shares during the period. SRS Capital Advisors Inc. raised its holdings in shares of Tesla by 1,213.3% in the 1st quarter. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer’s stock worth $109,000 after purchasing an additional 364 shares during the period. Winfield Associates Inc. raised its holdings 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 worth $118,000 after purchasing an additional 150 shares during the period. Acropolis Investment Management LLC purchased a new position in shares of Tesla in the 2nd quarter worth about $122,000. Finally, North Star Investment Management Corp. raised its holdings in shares of 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. Institutional investors own 56.63% of the company’s stock.
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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