Tesla Motors Inc. (NASDAQ:TSLA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
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.”
A number of other equities research analysts also recently issued reports on the stock. RBC Capital Markets set a $210.00 price objective on shares of Tesla Motors and gave the stock a “hold” rating in a research note on Thursday, July 21st. Morgan Stanley restated an “equal weight” rating and issued a $245.00 price target on shares of Tesla Motors in a research note on Thursday, July 14th. Barclays PLC set a $165.00 price target on shares of Tesla Motors and gave the company a “sell” rating in a research note on Tuesday, July 19th. Vetr downgraded shares of Tesla Motors from a “buy” rating to a “hold” rating and set a $216.16 price target on the stock. in a research note on Monday, September 26th. Finally, Global Equities Research restated an “overweight” rating and issued a $385.00 price target on shares of Tesla Motors in a research note on Friday, July 1st. Seven research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Tesla Motors currently has an average rating of “Hold” and an average target price of $246.30.
Shares of Tesla Motors (NASDAQ:TSLA) opened at 200.24 on Wednesday. The firm has a 50-day moving average of $204.60 and a 200 day moving average of $220.98. Tesla Motors has a 52 week low of $141.05 and a 52 week high of $269.34. The company’s market cap is $29.77 billion.
Tesla Motors (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, August 3rd. The electric vehicle producer reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by $0.55. The firm had revenue of $1.56 billion for 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 company’s quarterly revenue was up 30.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.48) earnings per share. Equities analysts anticipate that Tesla Motors will post ($0.93) earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. Advisory Services Network LLC increased its position in shares of Tesla Motors by 14.5% in the third quarter. Advisory Services Network LLC now owns 489 shares of the electric vehicle producer’s stock worth $100,000 after buying an additional 62 shares during the period. Trust Co. of Vermont boosted its stake in shares of Tesla Motors by 21.6% in the second quarter. Trust Co. of Vermont now owns 535 shares of the electric vehicle producer’s stock worth $114,000 after buying an additional 95 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Tesla Motors by 171.5% in the second quarter. Toronto Dominion Bank now owns 544 shares of the electric vehicle producer’s stock worth $115,000 after buying an additional 1,305 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in shares of Tesla Motors by 56.1% in the second quarter. Proficio Capital Partners LLC now owns 501 shares of the electric vehicle producer’s stock worth $116,000 after buying an additional 180 shares in the last quarter. Finally, D. Scott Neal Inc. boosted its stake in shares of Tesla Motors by 21.3% in the second quarter. D. Scott Neal Inc. now owns 570 shares of the electric vehicle producer’s stock worth $121,000 after buying an additional 100 shares in the last quarter. 66.62% of the stock is currently owned by institutional investors.
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.