Tesla Inc. (TSLA) Shares Gap Down to $356.88

Tesla Inc. (NASDAQ:TSLA)’s share price gapped down before the market opened on Monday . The stock had previously closed at $364.11, but opened at $356.88. Tesla shares last traded at $342.94, with a volume of 7,469,610 shares changing hands.

Several equities analysts have recently weighed in on the company. Berenberg Bank raised Tesla from a “hold” rating to a “buy” rating and boosted their target price for the company from $193.00 to $464.00 in a research report on Tuesday, June 13th. Robert W. Baird reissued an “outperform” rating and set a $368.00 target price on shares of Tesla in a research report on Tuesday, June 20th. Argus raised Tesla from a “hold” rating to a “buy” rating and boosted their target price for the company from $355.17 to $444.00 in a research report on Tuesday, August 8th. Vetr downgraded Tesla from a “strong-buy” rating to a “buy” rating and set a $358.85 target price on the stock. in a research report on Tuesday, July 11th. Finally, Goldman Sachs Group, Inc. (The) reissued a “sell” rating and set a $180.00 target price (down previously from $190.00) on shares of Tesla in a research report on Monday, July 31st. Ten investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $326.94.

The company has a 50 day moving average of $354.57 and a 200-day moving average of $336.53. The company’s market cap is $59.34 billion.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The firm’s revenue was up 119.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.06) EPS. On average, equities research analysts predict that Tesla Inc. will post ($6.41) EPS for the current year.

In other Tesla news, Director Stephen T. Jurvetson sold 44,777 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $340.36, for a total transaction of $15,240,299.72. Following the transaction, the director now owns 36,111 shares in the company, valued at approximately $12,290,739.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kimbal Musk sold 2,190 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total value of $703,778.40. Following the transaction, the director now owns 160,274 shares in the company, valued at approximately $51,505,652.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,446 shares of company stock valued at $17,504,929. 23.10% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSLA. Renaissance Technologies LLC increased its position in Tesla by 117.7% during the 1st quarter. Renaissance Technologies LLC now owns 677,792 shares of the electric vehicle producer’s stock worth $188,630,000 after purchasing an additional 366,400 shares during the period. Baillie Gifford & Co. increased its position in Tesla by 2.5% during the 1st quarter. Baillie Gifford & Co. now owns 13,625,678 shares of the electric vehicle producer’s stock worth $3,792,025,000 after purchasing an additional 336,130 shares during the period. Vanguard Group Inc. increased its position in Tesla by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 6,227,401 shares of the electric vehicle producer’s stock worth $2,251,890,000 after purchasing an additional 292,602 shares during the period. Whale Rock Capital Management LLC acquired a new position in Tesla during the 2nd quarter worth approximately $66,601,000. Finally, Jasper Ridge Partners L.P. increased its position in Tesla by 7,001.5% during the 2nd quarter. Jasper Ridge Partners L.P. now owns 161,276 shares of the electric vehicle producer’s stock worth $58,319,000 after purchasing an additional 159,005 shares during the period. Institutional investors own 56.63% of the company’s stock.

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About Tesla

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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