Tesla Motors Inc (NASDAQ:TSLA) shares are down today despite news that the company is in talks with multiple European utility firms over perhaps supplying them with batteries for energy storage. The information comes to us from Bloomberg, who had sited the company’s Founder, Elon Musk who spoke with reporters in Paris recently.
Tesla Motors Inc’s (NASDAQ:TSLA) Gigafactory is expected to begin churning out batteries soon, in an effort to reduce costs due via economies of scale. As the worlld moves away from fossil fuels and embraces solar power, there needs to be a way to store the energy when the sun isn’t shining. This is where Tesla’s battery packs could play a huge role in upgrading utility companies, not only in Europe but across the country.
The stock is down 1.88% or $4.46 following the news, hitting $232.73 per share. Approximately 2.06 million shares traded hands. TSLA shares have risen 2.04% since April 29, 2015 and are currently uptrending. It has outperformed the S&P500 by 2.24%.
From a total of 15 analysts covering Tesla Motors Inc (NASDAQ:TSLA) stock, 8 rate it a “Buy”, 3 a “Sell”, and 4 a “Hold”. This means that 53% of the ratings are positive. The highest target price is $465 while the lowest target price is $180. The mean of all analyst targets is $289.65 which is 24.46% above today’s ($232.73) stock price. Tesla Motors Inc was the topic of 29 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Credit Suisse maintained shares on November 25 with a “Outperform” rating. Robert W. Baird downgraded shares to a”Neutral” rating and a $282 target share price in their report from an October 7. UBS maintained TSLA stock in a recent report from October 30 with a “Sell” rating. RBC Capital Markets initiated the rating on October 6. RBC Capital Markets has a “Sector Perform” rating and a $280 price target on shares. Finally, Barclays Capital downgraded the stock to a “Underweight” rating in a report they issued on an October 9.
The institutional sentiment increased to 1.28 in Q2 2015. It’s up 0.28, from 1 in 2015Q1. The ratio improved, as 60 funds sold all their Tesla Motors Inc shares they owned while 139 reduced their positions. 96 funds bought stakes while 158 increased their total positions. Institutions now own 77.48 million shares which is 1.63% more than the previous share count of 76.24 million in 2015Q1.
J&P(China)Capital Management Co.Ltd holds 36.43% of its total portfolio in Tesla Motors Inc, equating to 985,158 shares. Andor Capital Management L.L.C. owns 1.00 million shares representing 24.89% of their total US portfolio. Moreover, R. G. Niederhoffer Capital Management Inc has 7.09% of their total portfolio invested in the company, equating to 4,200 shares. The Washington-based Zevenbergen Capital Investments Llc has a total of 6.81% of their portfolio invested in the stock. Hhr Asset Management Llc, a New Jersey-based fund reported 441,361 shares owned.
Since April 16, 2015, the stock had 0 insider buys, and 8 insider sales for a total of $18.21 million in net activity. Straubel Jeffrey B sold 10,000 shares worth $2.18 million. Ehrenpreis Ira Matthew sold 16,698 shares worth $4.26 million. Ahuja Deepak sold 5,000 shares worth $1.29M. Guillen Jerome M sold 1,500 shares worth $373,291. The insider Reichow Gregory sold 10,000 shares worth $2.40 million.
Tesla Motors, Inc. is a United States company, which designs, develops, makes and sells electric vehicles, electric vehicle powertrain components and stationary energy storage systems. The company has a market cap of $30.87 billion. The Firm sells and produces a vehicle under the name Model S, which is a fully electric, four-door, five-adult passenger sedan. It currently has negative earnings. In addition to developing its own vehicles, it develops, sells, and services full electric powertrain systems and components to other automobile manufacturers.