Short Interest in Tesla Inc (TSLA) Drops By 4.6%

Tesla Inc (NASDAQ:TSLA) saw a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 37,285,669 shares, a decrease of 4.6% from the May 31st total of 39,075,421 shares. Based on an average daily volume of 11,315,584 shares, the short-interest ratio is currently 3.3 days. Approximately 29.5% of the company’s shares are short sold.

A number of research firms have recently weighed in on TSLA. Piper Jaffray Companies set a $369.00 target price on shares of Tesla and gave the stock a “buy” rating in a report on Thursday, June 7th. Morgan Stanley set a $376.00 target price on shares of Tesla and gave the stock a “hold” rating in a report on Friday, April 27th. Zacks Investment Research upgraded shares of Tesla from a “hold” rating to a “buy” rating and set a $327.00 target price for the company in a report on Tuesday, June 5th. BidaskClub lowered shares of Tesla from a “hold” rating to a “sell” rating in a report on Thursday, May 17th. Finally, Berenberg Bank set a $500.00 target price on shares of Tesla and gave the stock a “buy” rating in a report on Thursday. Eleven equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $299.36.

In other news, CEO Elon Musk bought 55,000 shares of the company’s stock in a transaction dated Tuesday, June 12th. The stock was bought at an average cost of $343.19 per share, for a total transaction of $18,875,450.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Douglas Field sold 3,000 shares of the stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $359.27, for a total transaction of $1,077,810.00. Following the sale, the vice president now owns 20,964 shares of the company’s stock, valued at $7,531,736.28. The disclosure for this sale can be found here. Corporate insiders own 22.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in TSLA. Truewealth LLC bought a new position in shares of Tesla during the fourth quarter valued at approximately $102,000. Macroview Investment Management LLC bought a new position in shares of Tesla during the first quarter valued at approximately $106,000. Jacobi Capital Management LLC increased its stake in shares of Tesla by 154.4% during the first quarter. Jacobi Capital Management LLC now owns 430 shares of the electric vehicle producer’s stock valued at $109,000 after purchasing an additional 261 shares in the last quarter. Institutional & Family Asset Management LLC bought a new position in shares of Tesla during the first quarter valued at approximately $114,000. Finally, Avestar Capital LLC bought a new position in shares of Tesla during the fourth quarter valued at approximately $144,000. 60.68% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ TSLA opened at $349.93 on Friday. Tesla has a fifty-two week low of $244.59 and a fifty-two week high of $389.61. The company has a market cap of $58.07 billion, a price-to-earnings ratio of -30.48 and a beta of 0.88. The company has a quick ratio of 0.44, a current ratio of 0.74 and a debt-to-equity ratio of 1.65.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, May 2nd. The electric vehicle producer reported ($3.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($2.40) by ($0.95). Tesla had a negative net margin of 18.77% and a negative return on equity of 40.72%. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same period in the prior year, the business posted ($1.33) EPS. Tesla’s revenue for the quarter was up 26.4% on a year-over-year basis. sell-side analysts anticipate that Tesla will post -10.94 EPS for the current year.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

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