Tesla’s (TSLA) “Underperform” Rating Reiterated at Cowen and Company

Cowen and Company restated their underperform rating on shares of Tesla Inc. (NASDAQ:TSLA) in a research report sent to investors on Thursday, August 3rd. They currently have a $170.00 price target on the electric vehicle producer’s stock, up from their prior price target of $155.00.

Several other equities research analysts also recently commented on TSLA. UBS AG reissued a sell rating and issued a $160.00 target price on shares of Tesla in a report on Wednesday, May 3rd. Royal Bank Of Canada upped their price target on Tesla from $314.00 to $345.00 and gave the company a sector perform rating in a report on Thursday, August 3rd. Bank of America Corporation reaffirmed an underperform rating and set a $155.00 price target (down from $165.00) on shares of Tesla in a report on Thursday, August 3rd. Piper Jaffray Companies reiterated an overweight rating and set a $386.00 price objective on shares of Tesla in a research report on Thursday, August 3rd. Finally, J P Morgan Chase & Co upped their price objective on Tesla from $190.00 to $200.00 and gave the company an underweight rating in a research report on Thursday, August 3rd. Eight analysts have rated the stock with a sell rating, twelve have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Tesla presently has an average rating of Hold and a consensus target price of $310.84.

Tesla (NASDAQ:TSLA) traded down 3.03% during mid-day trading on Thursday, hitting $351.92. 5,015,000 shares of the company traded hands. The company’s 50-day moving average is $340.15 and its 200-day moving average is $309.81. The stock’s market capitalization is $58.73 billion. Tesla has a one year low of $178.19 and a one year high of $386.99.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the company posted ($1.06) earnings per share. The firm’s revenue was up 119.6% on a year-over-year basis. Analysts predict that Tesla will post ($6.34) EPS for the current year.

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In related news, Director Kimbal Musk sold 2,190 shares of the company’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 directly owns 160,274 shares in the company, valued at $51,505,652.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 23.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pittenger & Anderson Inc. boosted its position in Tesla by 20.0% in the second quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock worth $108,000 after buying an additional 50 shares in the last quarter. Winfield Associates Inc. boosted its position in Tesla by 85.2% in the second quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock worth $118,000 after buying an additional 150 shares in the last quarter. Acropolis Investment Management LLC acquired a new position in Tesla during the second quarter worth approximately $122,000. North Star Investment Management Corp. boosted its position 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 worth $122,000 after buying an additional 9 shares in the last quarter. Finally, Carroll Financial Associates Inc. boosted its position in Tesla by 8.7% in the second quarter. Carroll Financial Associates Inc. now owns 349 shares of the electric vehicle producer’s stock worth $126,000 after buying an additional 28 shares in the last quarter. Hedge funds and other institutional investors own 62.92% of the company’s stock.

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.