TuSimple (NASDAQ:TSP) Lowered to “Sell” at Zacks Investment Research

TuSimple (NASDAQ:TSP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “TuSimple Holdings Inc. is a self-driving technology company. TuSimple Holdings Inc. is based in SAN DIEGO. “

Several other research analysts have also weighed in on the company. Royal Bank of Canada lowered their price objective on TuSimple from $68.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, November 4th. KeyCorp initiated coverage on TuSimple in a research note on Tuesday. They set an “overweight” rating and a $50.00 price target for the company. China Renaissance Securities began coverage on TuSimple in a research note on Tuesday, December 7th. They set a “hold” rating and a $39.10 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of TuSimple in a research note on Wednesday, January 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $56.84.

Shares of NASDAQ:TSP opened at $24.62 on Thursday. The business’s 50 day simple moving average is $35.54 and its 200 day simple moving average is $39.54. TuSimple has a 1 year low of $23.47 and a 1 year high of $79.84.

TuSimple (NASDAQ:TSP) last released its quarterly earnings data on Wednesday, November 3rd. The company reported ($0.54) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.04). TuSimple had a negative net margin of 13,172.03% and a negative return on equity of 152.46%. The firm had revenue of $1.79 million for the quarter, compared to analyst estimates of $1.81 million. On average, analysts anticipate that TuSimple will post -3.7 EPS for the current fiscal year.

In other TuSimple news, CEO Cheng Lu sold 9,136 shares of the firm’s stock in a transaction that occurred on Monday, December 20th. The shares were sold at an average price of $31.49, for a total transaction of $287,692.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Patrick Dillon sold 1,377 shares of the firm’s stock in a transaction that occurred on Monday, December 20th. The shares were sold at an average price of $31.49, for a total transaction of $43,361.73. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,631 shares of company stock valued at $676,065.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital International Investors purchased a new stake in shares of TuSimple during the second quarter valued at approximately $581,577,000. BlackRock Inc. purchased a new stake in shares of TuSimple during the second quarter valued at approximately $310,946,000. FMR LLC purchased a new stake in shares of TuSimple during the second quarter valued at approximately $223,835,000. Vanguard Group Inc. purchased a new stake in shares of TuSimple during the second quarter valued at approximately $179,773,000. Finally, Aspex Management HK Ltd purchased a new stake in shares of TuSimple during the second quarter valued at approximately $151,145,000. 33.44% of the stock is owned by institutional investors and hedge funds.

About TuSimple

TuSimple Holdings Inc, an autonomous technology company, develops autonomous technology specifically designed for semi-trucks in the United States and internationally. It intends to produce a line of purpose-built (Level 4) L4 autonomous semi-trucks for the North American market. The company operates its Autonomous Freight Network (AFN) L4 autonomous semi-trucks equipped with its autonomous driving technology.

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