Tesla Inc. (TSLA) Bonds Trading 1.5% Lower Earnings
An issue of Tesla Inc. (NASDAQ:TSLA) bonds fell 1.5% against their face value during trading on Wednesday after the company announced weaker than expected quarterly earnings. The debt issue has a 5.3% coupon and will mature on August 15, 2025. The debt is now trading at $94.88 and was trading at $97.50 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price. The electric vehicle producer reported ($2.92) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($2.22) by ($0.70). Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same period in the prior year, the business posted $0.71 EPS. The company’s revenue for the quarter was up 29.9% compared to the same quarter last year.
TSLA has been the subject of several research reports. Vetr lowered Tesla from a “strong-buy” rating to a “buy” rating and set a $385.74 price target for the company. in a report on Thursday, August 3rd. Goldman Sachs Group, Inc. (The) restated a “sell” rating and issued a $180.00 target price (down from $190.00) on shares of Tesla in a report on Wednesday, July 5th. Sanford C. Bernstein set a $265.00 target price on Tesla and gave the stock a “neutral” rating in a report on Wednesday, September 20th. Royal Bank Of Canada boosted their target price on Tesla from $314.00 to $345.00 and gave the stock a “sector perform” rating in a report on Thursday, August 3rd. Finally, Guggenheim restated a “buy” rating and issued a $430.00 target price on shares of Tesla in a report on Thursday, August 10th. Ten analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Tesla presently has an average rating of “Hold” and a consensus target price of $332.78.
In other Tesla news, Director Stephen T. Jurvetson sold 44,777 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $340.36, for a total transaction of $15,240,299.72. Following the sale, the director now owns 36,111 shares in the company, valued at $12,290,739.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Eric Branderiz sold 99 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $350.12, for a total value of $34,661.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,992 shares of company stock worth $17,390,505. 23.10% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of TSLA. Pittenger & Anderson Inc. lifted its position in shares of Tesla by 20.0% during the second quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock worth $108,000 after acquiring an additional 50 shares in the last quarter. Winfield Associates Inc. lifted its position in shares of Tesla by 85.2% during the second quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock worth $118,000 after acquiring an additional 150 shares in the last quarter. Acropolis Investment Management LLC purchased a new stake in shares of Tesla during the second quarter worth $122,000. North Star Investment Management Corp. lifted its position in shares of Tesla by 2.8% during the second quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock worth $122,000 after acquiring an additional 9 shares in the last quarter. Finally, Carroll Financial Associates Inc. lifted its position in shares of Tesla by 8.7% during the second quarter. Carroll Financial Associates Inc. now owns 349 shares of the electric vehicle producer’s stock worth $126,000 after acquiring an additional 28 shares in the last quarter. Hedge funds and other institutional investors own 56.45% 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.
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