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

Tesla Inc (NASDAQ:TSLA) was the recipient of 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 days-to-cover ratio is currently 3.3 days. Currently, 29.5% of the shares of the stock are sold short.

Tesla opened at $349.93 on Friday, according to Marketbeat Ratings. 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 has a 12-month low of $244.59 and a 12-month high of $389.61. The stock has a market cap of $58.07 billion, a price-to-earnings ratio of -30.48 and a beta of 0.88.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, May 2nd. The electric vehicle producer reported ($3.35) earnings per share (EPS) for the quarter, missing the 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 analysts’ expectations of $3.30 billion. During the same quarter in the previous year, the company earned ($1.33) earnings per share. The business’s quarterly revenue was up 26.4% on a year-over-year basis. sell-side analysts predict that Tesla will post -10.94 earnings per share for the current fiscal year.

Several research analysts have recently weighed in on the stock. KeyCorp reaffirmed a “hold” rating on shares of Tesla in a report on Thursday, May 3rd. Sanford C. Bernstein reissued a “neutral” rating and issued a $265.00 target price on shares of Tesla in a research note on Friday, June 22nd. Oppenheimer reissued a “neutral” rating on shares of Tesla in a research note on Thursday, June 21st. Berenberg Bank set a $500.00 target price on Tesla and gave the company a “buy” rating in a research note on Monday, June 18th. Finally, ValuEngine cut Tesla from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Eleven 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. Tesla currently has an average rating of “Hold” and an average price target of $299.36.

In other news, Director Kimbal Musk sold 1,875 shares of the company’s stock in a transaction on Thursday, April 5th. The shares were sold at an average price of $300.00, for a total value of $562,500.00. Following the transaction, the director now owns 150,208 shares of the company’s stock, valued at $45,062,400. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP John Douglas Field sold 3,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the vice president now directly owns 20,964 shares in the company, valued at approximately $7,531,736.28. The disclosure for this sale can be found here. Corporate insiders own 22.80% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Truewealth LLC purchased a new stake in Tesla during the fourth quarter valued at about $102,000. Macroview Investment Management LLC purchased a new stake in Tesla during the first quarter valued at about $106,000. Jacobi Capital Management LLC boosted its position in 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 buying an additional 261 shares during the period. Institutional & Family Asset Management LLC purchased a new stake in Tesla during the first quarter valued at about $114,000. Finally, Avestar Capital LLC purchased a new stake in Tesla during the fourth quarter valued at about $144,000. Institutional investors and hedge funds own 60.68% of the company’s stock.

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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