The years-long battle against the state of MI for Tesla Inc (NASDAQ:TSLA) is unlikely to end any time soon, as the state - which is home base for both Ford and General Motors - clings to archaic dealership laws. The firm has a 50-day moving average of $341.13 and a 200-day moving average of $307.07. This will allow the firm to bring the Model Y to market much sooner than was originally anticipated, and will also slash R&D costs.
Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, topping analysts' consensus estimates of ($2.00) by $0.67. Tesla had a negative net margin of 14.39% and a negative return on equity of 26.74%. The firm had revenue of $2.79 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter past year, the company earned ($1.06) earnings per share. The firm's revenue was up 119.6% compared to the same quarter a year ago. Equities research analysts forecast that Tesla will post ($6.29) earnings per share for the current fiscal year.
Vetr upgraded shares of Tesla Inc.
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In other news, Director Kimbal Musk sold 2,190 shares of the business's stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $321.36, for a total value of $703,778.40. Following the sale, the director now directly owns 166,164 shares in the company, valued at approximately $61,095,179.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The company's stock price has increased by 67 percent this year, and it is widely expected that bond investors will show the electric vehicle company the same amount of support.
After Tesla's Model 3, the company's next planned mass-market vehicle is its Model Y, or a more compact and more affordable SUV than its Model X. But before Tesla's second-quarter earnings call, there was good reason to worry about Tesla's ability to bring the vehicle to market; Musk had previously said that the Model Y would be built on an entirely new vehicle platform - separate from the Model 3. Clarius Group LLC now owns 4,625 shares of the electric vehicle producer's stock worth $1,287,000 after buying an additional 16 shares during the last quarter. Winfield Associates Inc. increased its stake in shares of Tesla by 85.2% in the second quarter. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer's stock worth $109,000 after buying an additional 364 shares during the last quarter. Baillie Gifford & Co. raised its position in Tesla by 2.5% in the first quarter. Gemmer Asset Management LLC now owns 759 shares of the electric vehicle producer's stock worth $211,000 after buying an additional 58 shares during the period.
Tesla's second-quarter update sent shares soaring higher on Thursday. Institutional investors and hedge funds own 63.71% of the company's stock.