Tesla’s (TSLA) Sell Rating Reaffirmed at Glj Research

Glj Research reaffirmed their sell rating on shares of Tesla (NASDAQ:TSLA) in a report released on Thursday, Benzinga reports. The brokerage currently has a $24.86 price target on the electric vehicle producer’s stock.

Several other equities analysts also recently weighed in on the company. Royal Bank of Canada restated an outperform rating and issued a $224.00 target price on shares of Tesla in a research report on Wednesday, September 25th. Canaccord Genuity Group restated a buy rating and issued a $254.00 target price on shares of Tesla in a research report on Friday, September 13th. China Renaissance upgraded Tesla from a hold rating to a buy rating and set a $290.00 target price on the stock in a research report on Friday, July 5th. Morgan Stanley reiterated an overweight rating and set a $310.00 price objective on shares of Tesla in a research report on Thursday, September 5th. Finally, Barclays cut their target price on Tesla from $225.00 to $220.00 and set an equal weight rating for the company in a research note on Thursday, July 25th. Nine analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $209.90.

Tesla Price Performance

NASDAQ TSLA opened at $260.46 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. The firm’s 50 day moving average price is $221.89 and its 200-day moving average price is $198.88. Tesla has a 52-week low of $138.80 and a 52-week high of $271.00. The company has a market cap of $830.66 billion, a PE ratio of 66.44, a P/E/G ratio of 6.92 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.78 EPS. Sell-side analysts forecast that Tesla will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now directly owns 85,000 shares in the company, valued at $18,696,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at $18,696,600. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,661 shares of company stock valued at $16,663,291. 25.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tesla

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Tesla by 60.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock valued at $108,638,000 after purchasing an additional 206,248 shares during the last quarter. Morse Asset Management Inc grew its holdings in Tesla by 138.1% in the 2nd quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock worth $1,181,000 after buying an additional 3,462 shares in the last quarter. Newbridge Financial Services Group Inc. grew its holdings in Tesla by 7.4% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 28,222 shares of the electric vehicle producer’s stock worth $7,013,000 after buying an additional 1,943 shares in the last quarter. Entropy Technologies LP bought a new position in Tesla in the 1st quarter worth approximately $1,941,000. Finally, Future Financial Wealth Managment LLC bought a new position in Tesla during the 1st quarter valued at $79,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.