Tesla Inc. (NASDAQ:TSLA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “During third-quarter 2017, Tesla delivered 220 Model 3s and produced 260, missing the production target of 1,500. This indicates that production has not been as smooth as anticipated. Tesla attributed production bottlenecks for this slow production. The company caters to a niche market and has been recording losses over the last few years. Moreover, the company is facing supply chain problems which are restricting its ability to increase production. 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. During third-quarter 2017, the company delivered 220 Model 3s and produced 260, missing the production target of 1,500. This indicates that production has not been as smooth as anticipated. Tesla attributed production bottlenecks for this slow production.”
A number of other research analysts also recently issued reports on the company. Robert W. Baird reiterated an “outperform” rating and issued a $368.00 price target on shares of Tesla in a report on Tuesday, June 20th. Argus upgraded Tesla from a “hold” rating to a “buy” rating and lifted their price target for the company from $355.17 to $444.00 in a report on Tuesday, August 8th. Vetr downgraded Tesla from a “strong-buy” rating to a “buy” rating and set a $358.85 price target on the stock. in a report on Tuesday, July 11th. Barclays PLC reiterated a “sell” rating on shares of Tesla in a report on Sunday, October 15th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and issued a $180.00 price target (down from $190.00) on shares of Tesla in a report on Monday, July 31st. Eleven research analysts have rated the stock with a sell rating, eleven have issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $327.20.
Tesla (NASDAQ:TSLA) traded down 1.36% during midday trading on Wednesday, hitting $347.04. The company had a trading volume of 2,376,710 shares. The stock has a 50 day moving average price of $355.77 and a 200 day moving average price of $339.60. The company’s market capitalization is $57.92 billion. 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 data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, topping the consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. Tesla’s quarterly revenue was up 119.6% on a year-over-year basis. During the same period last year, the business posted ($1.06) EPS. Equities analysts forecast that Tesla will post ($6.56) earnings per share for the current fiscal year.
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In other news, VP Eric Branderiz sold 99 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $350.12, for a total transaction of $34,661.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kimbal Musk sold 2,190 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total value of $703,778.40. Following the transaction, the director now owns 160,274 shares in the company, valued at $51,505,652.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,446 shares of company stock worth $17,504,929. Insiders own 23.10% of the company’s stock.
Several institutional investors have recently modified their holdings of TSLA. Vanguard Group Inc. boosted its holdings in shares of Tesla by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 6,227,401 shares of the electric vehicle producer’s stock worth $2,251,890,000 after purchasing an additional 292,602 shares during the last quarter. Whale Rock Capital Management LLC acquired a new position in shares of Tesla during the 2nd quarter worth approximately $66,601,000. Jasper Ridge Partners L.P. boosted its holdings in shares of Tesla by 7,001.5% during the 2nd quarter. Jasper Ridge Partners L.P. now owns 161,276 shares of the electric vehicle producer’s stock worth $58,319,000 after purchasing an additional 159,005 shares during the last quarter. Quantitative Investment Management LLC acquired a new position in shares of Tesla during the 2nd quarter worth approximately $52,108,000. Finally, Janus Henderson Group PLC boosted its holdings in shares of Tesla by 131.8% during the 2nd quarter. Janus Henderson Group PLC now owns 241,476 shares of the electric vehicle producer’s stock worth $87,329,000 after purchasing an additional 137,318 shares during the last quarter. Institutional investors and hedge funds own 56.62% 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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