Traders Buy Tesla Inc. (TSLA) on Weakness
Traders purchased shares of Tesla Inc. (NASDAQ:TSLA) on weakness during trading hours on Thursday. $536.53 million flowed into the stock on the tick-up and $512.74 million flowed out of the stock on the tick-down, for a money net flow of $23.79 million into the stock. Of all companies tracked, Tesla had the 23rd highest net in-flow for the day. Tesla traded down ($7.43) for the day and closed at $366.48
Several equities analysts have issued reports on the company. Robert W. Baird reiterated an “outperform” rating and set a $411.00 target price on shares of Tesla in a research report on Monday, September 18th. Jefferies Group LLC assumed coverage on Tesla in a research report on Tuesday. They set an “underperform” rating and a $280.00 target price on the stock. They noted that the move was a valuation call. Vetr upgraded Tesla from a “strong sell” rating to a “sell” rating and set a $335.62 target price on the stock in a research report on Tuesday, June 13th. Sanford C. Bernstein set a $265.00 target price on Tesla and gave the stock a “neutral” rating in a research report on Wednesday. Finally, BidaskClub cut Tesla from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 20th. Nine analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $314.30.
The firm’s market cap is $58.59 billion. The stock has a 50-day moving average of $354.97 and a 200-day moving average of $325.99.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($2.00) by $0.67. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.50 billion. Tesla had a negative net margin of 7.61% and a negative return on equity of 16.36%. Tesla’s revenue for the quarter was up 119.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.06) earnings per share. Equities research analysts forecast that Tesla Inc. will post ($6.29) EPS for the current year.
In related news, Director Kimbal Musk sold 4,690 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $367.68, for a total transaction of $1,724,419.20. Following the completion of the sale, the director now directly owns 166,164 shares of the company’s stock, valued at $61,095,179.52. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen T. Jurvetson sold 44,777 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $340.36, for a total transaction of $15,240,299.72. Following the completion of the sale, 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. Over the last three months, insiders have sold 53,946 shares of company stock valued at $18,481,047. 23.10% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of TSLA. Pittenger & Anderson Inc. increased its stake in Tesla by 20.0% in the second quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock valued at $108,000 after purchasing an additional 50 shares in the last quarter. SRS Capital Advisors Inc. increased its stake 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 valued at $109,000 after purchasing an additional 364 shares in the last quarter. Winfield Associates Inc. increased its stake in Tesla by 85.2% in the second quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock valued at $118,000 after purchasing an additional 150 shares in the last quarter. Acropolis Investment Management LLC bought a new stake in Tesla in the second quarter valued at approximately $122,000. Finally, North Star Investment Management Corp. increased its stake 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 valued at $122,000 after purchasing an additional 9 shares in the last quarter. 56.63% of the stock is owned by hedge funds and other institutional investors.
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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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