Sanford C. Bernstein Reaffirms “Market Perform” Rating for Tesla Inc. (TSLA)
Sanford C. Bernstein reissued their market perform rating on shares of Tesla Inc. (NASDAQ:TSLA) in a report released on Tuesday morning. Sanford C. Bernstein currently has a $265.00 target price on the electric vehicle producer’s stock.
Several other brokerages have also recently issued reports on TSLA. Vetr cut shares of Tesla from a strong-buy rating to a buy rating and set a $385.74 price target for the company. in a research report on Thursday, August 3rd. Goldman Sachs Group, Inc. (The) restated a sell rating and issued a $180.00 price target (down from $190.00) on shares of Tesla in a research report on Wednesday, July 5th. Royal Bank Of Canada upped their price target on shares of Tesla from $314.00 to $345.00 and gave the company a sector perform rating in a research report on Thursday, August 3rd. Guggenheim restated a buy rating and issued a $430.00 price target on shares of Tesla in a research report on Thursday, August 10th. Finally, KeyCorp restated a hold rating on shares of Tesla in a research report on Wednesday, July 5th. Ten investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $324.87.
Shares of Tesla (NASDAQ:TSLA) traded down 0.57% during trading on Tuesday, reaching $353.31. 1,223,943 shares of the company’s stock were exchanged. Tesla has a 52-week low of $178.19 and a 52-week high of $389.61. The stock’s market cap is $58.96 billion. The stock’s 50 day moving average price is $354.05 and its 200-day moving average price is $333.37.
Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($2.00) by $0.67. Tesla had a negative net margin of 7.61% and a negative return on equity of 16.36%. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the company earned ($1.06) EPS. The firm’s quarterly revenue was up 119.6% compared to the same quarter last year. On average, equities research analysts forecast that Tesla will post ($6.28) EPS for the current year.
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In related news, Director Kimbal Musk sold 2,190 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $341.69, for a total transaction of $748,301.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 transaction of $15,240,299.72. Following the sale, the director now owns 36,111 shares of the company’s stock, valued at approximately $12,290,739.96. The disclosure for this sale can be found here. Insiders have sold 51,446 shares of company stock valued at $17,504,929 in the last 90 days. 23.10% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Great West Life Assurance Co. Can increased its holdings in Tesla by 2.7% during the second quarter. Great West Life Assurance Co. Can now owns 69,562 shares of the electric vehicle producer’s stock worth $25,129,000 after buying an additional 1,802 shares during the last quarter. Perigon Wealth Management LLC increased its holdings in Tesla by 0.9% during the first quarter. Perigon Wealth Management LLC now owns 8,025 shares of the electric vehicle producer’s stock worth $2,233,000 after buying an additional 74 shares during the last quarter. Vanguard Group Inc. increased its holdings in Tesla by 5.0% during the first quarter. Vanguard Group Inc. now owns 5,934,799 shares of the electric vehicle producer’s stock worth $1,651,654,000 after buying an additional 280,941 shares during the last quarter. Main Street Research LLC purchased a new stake in Tesla during the second quarter worth about $602,000. Finally, CIBC World Markets Inc. increased its holdings in Tesla by 74.2% during the second quarter. CIBC World Markets Inc. now owns 10,575 shares of the electric vehicle producer’s stock worth $3,824,000 after buying an additional 4,504 shares during the last quarter. Institutional investors and hedge funds own 56.63% of the company’s stock.
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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