Tesla (TSLA) Given “Neutral” Rating at Royal Bank of Canada

Royal Bank of Canada reissued their neutral rating on shares of Tesla (NASDAQ:TSLA) in a research report sent to investors on Thursday morning, The Fly reports. Royal Bank of Canada currently has a $325.00 price target on the electric vehicle producer’s stock.

TSLA has been the subject of a number of other research reports. Jefferies Financial Group lifted their target price on shares of Tesla from $250.00 to $360.00 and gave the company a neutral rating in a research note on Wednesday, August 8th. Nomura restated a neutral rating and set a $450.00 price target (up previously from $400.00) on shares of Tesla in a report on Tuesday, September 11th. Morgan Stanley set a $291.00 price target on shares of Tesla and gave the company a neutral rating in a report on Monday, August 27th. Berenberg Bank restated a buy rating and set a $500.00 price target on shares of Tesla in a report on Thursday, June 28th. Finally, Evercore ISI set a $299.00 price target on shares of Tesla and gave the company a hold rating in a report on Thursday, October 4th. Fourteen investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $316.85.

Shares of NASDAQ:TSLA traded up $16.04 during trading on Thursday, reaching $330.90. 26,989,309 shares of the company traded hands, compared to its average volume of 8,898,836. The firm has a market capitalization of $44.52 billion, a P/E ratio of -28.82 and a beta of 0.84. Tesla has a 1-year low of $244.59 and a 1-year high of $387.46. The company has a quick ratio of 0.37, a current ratio of 0.73 and a debt-to-equity ratio of 2.01.



Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 24th. The electric vehicle producer reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.77) by $4.67. The company had revenue of $6.82 billion during the quarter, compared to analyst estimates of $5.67 billion. Tesla had a negative net margin of 19.89% and a negative return on equity of 50.84%. Equities research analysts expect that Tesla will post -10.77 earnings per share for the current fiscal year.

In related news, Director Kimbal Musk sold 1,875 shares of Tesla stock in a transaction on Monday, October 1st. The shares were sold at an average price of $306.00, for a total value of $573,750.00. Following the transaction, the director now owns 150,208 shares in the company, valued at approximately $45,963,648. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jerome M. Guillen sold 1,000 shares of Tesla stock in a transaction on Monday, October 1st. The stock was sold at an average price of $306.00, for a total transaction of $306,000.00. Following the completion of the transaction, the insider now owns 8,598 shares in the company, valued at approximately $2,630,988. The disclosure for this sale can be found here. Company insiders own 22.80% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. raised its holdings in Tesla by 3.1% in the 2nd quarter. Baillie Gifford & Co. now owns 13,171,801 shares of the electric vehicle producer’s stock worth $4,517,269,000 after acquiring an additional 395,727 shares during the period. Jennison Associates LLC grew its position in Tesla by 33.6% in the 2nd quarter. Jennison Associates LLC now owns 4,332,187 shares of the electric vehicle producer’s stock worth $1,485,724,000 after purchasing an additional 1,089,377 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its position in Tesla by 7.5% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 581,589 shares of the electric vehicle producer’s stock worth $153,987,000 after purchasing an additional 40,618 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Tesla by 26.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 500,508 shares of the electric vehicle producer’s stock worth $171,649,000 after purchasing an additional 103,468 shares during the last quarter. Finally, ARK Investment Management LLC grew its position in Tesla by 40.7% in the 2nd quarter. ARK Investment Management LLC now owns 443,874 shares of the electric vehicle producer’s stock worth $152,227,000 after purchasing an additional 128,497 shares during the last quarter. Hedge funds and other institutional investors own 62.18% of the company’s stock.

About Tesla

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.

Read More: Compound Annual Growth Rate (CAGR)

The Fly

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