Tesla Motors Inc. (TSLA) Downgraded by Zacks Investment Research to “Sell”
According to Zacks, “Tesla’s estimates have been going down lately. The company has a negative record of surprises in recent quarters. After missing delivery targets in the first two quarters, Tesla significantly increased production and delivery volumes in the third quarter. The company expects to marginally increase production and delivery volume in the fourth quarter. As a result, volumes are expected to be very close to the target of 50,000 units for the second half. Tesla faces numerous headwinds, including continuous losses, high expenses and production constraints. Moreover, SolarCity’s high debt and cash outflows are concerns regarding the merger.”
Several other analysts have also recently commented on TSLA. Robert W. Baird restated a buy rating and set a $338.00 price objective on shares of Tesla Motors in a research note on Monday, August 1st. Vetr cut shares of Tesla Motors from a hold rating to a sell rating and set a $227.49 price objective for the company. in a research note on Monday, August 1st. Oppenheimer Holdings Inc. restated a market perform rating on shares of Tesla Motors in a research note on Friday, August 5th. RBC Capital Markets set a $210.00 price objective on shares of Tesla Motors and gave the company a hold rating in a research note on Thursday, July 21st. Finally, Barclays PLC set a $165.00 price objective on shares of Tesla Motors and gave the company a sell rating in a research note on Tuesday, July 19th. Seven investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Hold and an average target price of $246.30.
Tesla Motors (NASDAQ:TSLA) opened at 193.96 on Wednesday. Tesla Motors has a 12 month low of $141.05 and a 12 month high of $269.34. The company’s market cap is $28.84 billion. The company’s 50 day moving average is $203.15 and its 200-day moving average is $220.37.
Tesla Motors (NASDAQ:TSLA) last released its earnings results on Wednesday, August 3rd. The electric vehicle producer reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by $0.55. The company earned $1.56 billion during the quarter, compared to analyst estimates of $1.67 billion. Tesla Motors had a negative return on equity of 46.30% and a negative net margin of 24.64%. The firm’s revenue for the quarter was up 30.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.48) earnings per share. On average, analysts expect that Tesla Motors will post ($0.93) earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its stake in Tesla Motors by 9.5% in the second quarter. Baillie Gifford & Co. now owns 13,066,791 shares of the electric vehicle producer’s stock worth $2,773,818,000 after buying an additional 1,137,759 shares during the last quarter. Vanguard Group Inc. raised its stake in Tesla Motors by 13.4% in the second quarter. Vanguard Group Inc. now owns 4,894,369 shares of the electric vehicle producer’s stock worth $1,038,976,000 after buying an additional 578,459 shares during the last quarter. Bloom Tree Partners LLC purchased a new stake in Tesla Motors during the first quarter worth $59,515,000. State Treasurer State of Michigan raised its stake in Tesla Motors by 224.0% in the second quarter. State Treasurer State of Michigan now owns 339,623 shares of the electric vehicle producer’s stock worth $72,095,000 after buying an additional 234,802 shares during the last quarter. Finally, Blue Ridge Capital L.L.C. purchased a new stake in Tesla Motors during the second quarter worth $40,596,000. Hedge funds and other institutional investors own 66.62% of the company’s stock.
About Tesla Motors
Tesla Motors, Inc designs, develops, manufactures and sells electric vehicles and energy storage products. The Company produces and sells two electric vehicles: the Model S sedan and the Model X sport utility vehicle (SUV). The Company has delivered over 107,000 Model S vehicles across the world. In addition to developing its own vehicles, it sells energy storage products.
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