Guggenheim Reiterates “Buy” Rating for Tesla Inc. (TSLA)
Tesla Inc. (NASDAQ:TSLA)‘s stock had its “buy” rating reissued by research analysts at Guggenheim in a research note issued to investors on Friday. They currently have a $430.00 price objective on the electric vehicle producer’s stock. Guggenheim’s price objective would indicate a potential upside of 20.49% from the company’s current price.
Other research analysts have also issued research reports about the company. Goldman Sachs Group, Inc. (The) raised their price objective on Tesla from $180.00 to $190.00 in a research report on Friday, August 4th. BidaskClub lowered Tesla from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 20th. Global Equities Research restated a “buy” rating and set a $385.00 price objective on shares of Tesla in a research report on Tuesday, June 13th. Berenberg Bank upgraded Tesla from a “hold” rating to a “buy” rating and raised their price objective for the company from $193.00 to $464.00 in a research report on Tuesday, June 13th. Finally, Vetr lowered Tesla from a “strong-buy” rating to a “buy” rating and set a $358.85 price objective for the company. in a research report on Tuesday, July 11th. Ten research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $324.87.
Tesla (NASDAQ TSLA) opened at 356.88 on Friday. Tesla has a 52-week low of $178.19 and a 52-week high of $389.61. The stock’s market capitalization is $59.56 billion. The company’s 50-day moving average price is $354.19 and its 200 day moving average price is $334.05.
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. 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 quarterly revenue was up 119.6% compared to the same quarter last year. During the same quarter last year, the business posted ($1.06) earnings per share. Equities analysts forecast that Tesla will post ($6.28) EPS for the current fiscal year.
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In related news, Director Kimbal Musk sold 2,190 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $355.20, for a total value of $777,888.00. Following the completion of the transaction, the director now owns 158,584 shares of the company’s stock, valued at $56,329,036.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen T. Jurvetson sold 44,777 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly 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 sold 51,446 shares of company stock valued at $17,504,929 in the last three months. 23.10% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSLA. Pittenger & Anderson Inc. grew its holdings in Tesla by 20.0% in the second 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 last quarter. SRS Capital Advisors Inc. grew its holdings in Tesla by 1,213.3% in the first 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 last quarter. Winfield Associates Inc. grew its holdings in Tesla by 85.2% in the second 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 last quarter. Acropolis Investment Management LLC purchased a new position in Tesla in the second quarter worth $122,000. Finally, North Star Investment Management Corp. grew its holdings in Tesla by 2.8% in the second 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 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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