Zacks Investment Research cut shares of Tesla (NASDAQ:TSLA) from a hold rating to a sell rating in a research note issued to investors on Saturday.
According to Zacks, “Tesla announced Model 3 production delays twice leading to huge mismatch between actual number of reservation and delivery. 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.”
Several other analysts have also recently commented on the stock. Vetr upgraded shares of Tesla from a strong sell rating to a sell rating and set a $320.97 price target for the company in a report on Friday, October 13th. Barclays reaffirmed a sell rating on shares of Tesla in a research report on Sunday, October 15th. Oppenheimer reaffirmed a hold rating on shares of Tesla in a research report on Monday, October 16th. Guggenheim reaffirmed a buy rating and set a $430.00 target price on shares of Tesla in a research report on Friday, October 6th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Tesla from $200.00 to $195.00 and set an underweight rating on the stock in a research report on Friday, October 20th. Twelve analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $329.48.
Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, November 1st. The electric vehicle producer reported ($2.92) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($3.09) by $0.17. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.94 billion. Tesla had a negative net margin of 13.09% and a negative return on equity of 24.88%. Tesla’s quarterly revenue was up 29.9% on a year-over-year basis. During the same quarter last year, the company earned $0.71 EPS. equities research analysts anticipate that Tesla will post -11.38 earnings per share for the current year.
In related news, Director Kimbal Musk sold 2,190 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $330.29, for a total transaction of $723,335.10. Following the transaction, the director now owns 154,419 shares in the company, valued at approximately $51,003,051.51. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Eric Branderiz sold 1,736 shares of the company’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $339.49, for a total transaction of $589,354.64. Following the transaction, the vice president now owns 1,736 shares in the company, valued at approximately $589,354.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,692 shares of company stock worth $5,026,873. 23.10% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TSLA. Janus Henderson Group PLC raised its stake in shares of Tesla by 126.6% during the 3rd quarter. Janus Henderson Group PLC now owns 547,072 shares of the electric vehicle producer’s stock valued at $186,601,000 after purchasing an additional 305,596 shares during the period. Whale Rock Capital Management LLC bought a new stake in shares of Tesla in the second quarter worth about $66,601,000. Ariose Capital Management Ltd bought a new stake in shares of Tesla in the third quarter worth about $30,733,000. Lord Abbett & CO. LLC increased its holdings in shares of Tesla by 78.9% in the second quarter. Lord Abbett & CO. LLC now owns 152,146 shares of the electric vehicle producer’s stock worth $55,018,000 after purchasing an additional 67,120 shares during the last quarter. Finally, Global X MANAGEMENT CO LLC increased its holdings in shares of Tesla by 138.1% in the third quarter. Global X MANAGEMENT CO LLC now owns 104,318 shares of the electric vehicle producer’s stock worth $35,583,000 after purchasing an additional 60,499 shares during the last quarter. Institutional investors and hedge funds own 57.13% of the company’s stock.
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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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