Tesla (TSLA) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada reaffirmed their neutral rating on shares of Tesla (NASDAQ:TSLA) in a research report report published on Thursday. The firm currently has a $315.00 target price on the electric vehicle producer’s stock.

Other equities research analysts also recently issued research reports about the stock. Berenberg Bank set a $500.00 price target on shares of Tesla and gave the company a buy rating in a research note on Monday, June 18th. BidaskClub raised shares of Tesla from a hold rating to a buy rating in a research note on Friday, June 15th. Piper Jaffray Companies set a $369.00 price target on shares of Tesla and gave the company a buy rating in a research note on Thursday, June 7th. Robert W. Baird set a $411.00 price target on shares of Tesla and gave the company a buy rating in a research note on Thursday, June 7th. Finally, Nomura upped their price target on shares of Tesla from $420.00 to $450.00 and gave the company a buy rating in a research note on Friday, June 8th. Fifteen analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Tesla currently has an average rating of Hold and a consensus price target of $302.47.

Tesla stock opened at $261.95 on Thursday. The firm has a market cap of $45.17 billion, a P/E ratio of -22.82 and a beta of 0.84. The company has a current ratio of 0.73, a quick ratio of 0.37 and a debt-to-equity ratio of 2.01. Tesla has a 52-week low of $244.59 and a 52-week high of $387.46.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, August 1st. The electric vehicle producer reported ($3.06) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($3.61) by $0.55. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.93 billion. Tesla had a negative net margin of 19.89% and a negative return on equity of 50.84%. Tesla’s revenue was up 43.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.33) earnings per share. On average, equities research analysts predict that Tesla will post -10.77 earnings per share for the current fiscal year.

In other news, insider Jerome M. Guillen sold 1,000 shares of the stock in a transaction on Monday, October 1st. The shares were sold at an average price of $306.00, for a total value of $306,000.00. Following the sale, the insider now owns 8,598 shares of the company’s stock, valued at $2,630,988. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kimbal Musk sold 1,875 shares of the stock in a transaction on Monday, October 1st. The shares were sold at an average price of $306.00, for a total transaction of $573,750.00. Following the completion of the sale, the director now directly owns 150,208 shares in the company, valued at approximately $45,963,648. The disclosure for this sale can be found here. Corporate insiders own 22.80% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. grew its holdings in shares of Tesla by 3.1% in the second quarter. Baillie Gifford & Co. now owns 13,171,801 shares of the electric vehicle producer’s stock worth $4,517,269,000 after purchasing an additional 395,727 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Tesla by 33.6% in the second quarter. Jennison Associates LLC now owns 4,332,187 shares of the electric vehicle producer’s stock worth $1,485,724,000 after purchasing an additional 1,089,377 shares during the last quarter. Summit Trail Advisors LLC grew its holdings in shares of Tesla by 74,343.1% in the first quarter. Summit Trail Advisors LLC now owns 583,634 shares of the electric vehicle producer’s stock worth $584,000 after purchasing an additional 582,850 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Tesla by 26.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 500,508 shares of the electric vehicle producer’s stock worth $171,649,000 after purchasing an additional 103,468 shares during the last quarter. Finally, ARK Investment Management LLC grew its holdings in shares of Tesla by 40.7% in the second quarter. ARK Investment Management LLC now owns 443,874 shares of the electric vehicle producer’s stock worth $152,227,000 after purchasing an additional 128,497 shares during the last quarter. 62.03% of the stock is currently owned by institutional investors and hedge funds.

About Tesla

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

Featured Article: Hedge Funds

Analyst Recommendations for Tesla (NASDAQ:TSLA)

Receive News & Ratings for Tesla Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tesla and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply