Tesla (TSLA) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Tesla (NASDAQ:TSLA) from a hold rating to a strong-buy rating in a report issued on Tuesday. They currently have $381.00 target price on the electric vehicle producer’s stock.

According to Zacks, “In third-quarter 2018, Tesla’s earnings per share and revenues surpassed the Zacks Consensus Estimates. Also, both earnings and revenues improved year over year. In third-quarter 2018, Tesla produced 80,142 vehicles. This included 53,239 Model 3s, and 26,903 Model S and Model X vehicles. Deliveries to customers amounted to 55,840 Model 3 along with 27,660 Model S and X. These numbers are close to estimates and indicate that the company is making good progress despite hurdles. The company is focusing to grow its energy storage deployment and aims to deploy at least three times of what is deployed in 2017. Over the past six months, shares of Tesla outperformed the industry it belongs to. Moreover, over the past one month, the Zacks Consensus Estimates for both the current quarter and current year earnings are moving upwards.”

TSLA has been the subject of a number of other reports. KeyCorp set a $300.00 price target on shares of Tesla and gave the company a hold rating in a research report on Tuesday, July 3rd. Goldman Sachs Group reissued a sell rating on shares of Tesla in a research report on Sunday, July 8th. Citigroup cut shares of Tesla from a neutral rating to a sell rating and reduced their price target for the company from $356.00 to $225.00 in a research report on Friday, September 28th. Royal Bank of Canada boosted their price target on shares of Tesla to $315.00 and gave the company a positive rating in a research report on Thursday, August 2nd. Finally, Barclays set a $210.00 price target on shares of Tesla and gave the company a sell rating in a research report on Monday, August 27th. Thirteen investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Tesla presently has a consensus rating of Hold and a consensus target price of $318.58.

Shares of TSLA opened at $346.41 on Tuesday. Tesla has a 1-year low of $244.59 and a 1-year high of $387.46. The company has a debt-to-equity ratio of 2.01, a current ratio of 0.73 and a quick ratio of 0.37.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 24th. The electric vehicle producer reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.77) by $4.67. Tesla had a negative net margin of 10.22% and a negative return on equity of 34.62%. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $5.67 billion. On average, equities analysts predict that Tesla will post -5.09 EPS for the current fiscal year.

In other Tesla news, insider Jerome M. Guillen sold 1,000 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $306.00, for a total transaction of $306,000.00. Following the transaction, the insider now directly owns 8,598 shares in the company, valued at $2,630,988. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Elon Musk bought 29,844 shares of the stock in a transaction on Monday, October 29th. The shares were bought at an average price of $334.98 per share, for a total transaction of $9,997,143.12. The disclosure for this purchase can be found here. Corporate insiders own 22.80% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. State of New Jersey Common Pension Fund D acquired a new position in Tesla during the third quarter worth about $13,239,000. Royal London Asset Management Ltd. acquired a new position in Tesla during the second quarter worth about $19,278,000. AdvisorNet Financial Inc grew its position in Tesla by 150.4% during the second quarter. AdvisorNet Financial Inc now owns 2,785 shares of the electric vehicle producer’s stock worth $955,000 after buying an additional 1,673 shares during the period. Macquarie Group Ltd. grew its position in Tesla by 10.9% during the second quarter. Macquarie Group Ltd. now owns 62,596 shares of the electric vehicle producer’s stock worth $21,467,000 after buying an additional 6,147 shares during the period. Finally, Signaturefd LLC grew its position in Tesla by 53.1% during the second quarter. Signaturefd LLC now owns 853 shares of the electric vehicle producer’s stock worth $293,000 after buying an additional 296 shares during the period. Institutional investors own 62.15% of the company’s stock.

Tesla Company Profile

Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The firm operates through Automotive, and Energy Generation and Storage segments.

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