For those of you looking to catch a glimpse at Tesla Motors’ (NASDAQ:TSLA) upcoming $35,000 electric vehicle, CEO Elon Musk has set a reveal date for the Model 3 on March 31. While the car won’t go into production until next year, it has the potential to take electric vehicles mainstream with the $35,000 base price tag. Combined with government incentives, this equates to a price of $27,500 in the United States.
Musk said that he is unsure if the company will do a full unveiling of the Model 3 next month or perhaps just show off parts of the car and not provide full details until they get closer to production time. He also explained that the company will likely price the first vehicles north of the $35,000 price as they will be fully equipped.
“Our default plan, as we have done in the past, is that the initial sales are relatively highly optioned versions of the car, because we’ve got to pay back the investment of the tooling and everything,” explained Musk. “So it makes sense to have the higher optioned versions first. That’s what we did with the S and obviously again with the X.”
Regardless whatever the March 31 event brings, we will surely be getting new information and likely a decent glimpse at what the Tesla Motors(NASDAQ:TSLA) Model 3 will have to offer. The stock increased 0.38% or $0.57 on February 12, hitting $151.04. About 7.24M shares traded hands or up 31.88% from the average. TSLA has declined 41.72% since July 10, 2015 and is currently downtrending. It has underperformed the S&P500 by 32.85%.
From a total of 16 analysts covering Tesla Motors Inc (NASDAQ:TSLA) stock, 8 rate it a “Buy”, 3 a “Sell”, and 5 a “Hold”. This means that 50% 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 91.77% above today’s ($151.04) stock price. Tesla Motors Inc was the topic of 30 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. JMP Securities initiated shares on December 14 with a “Market Perform” rating. Barclays Capital downgraded shares to a”Underweight” rating and a $180 target share price in their report from an October 9. Evercore maintained TSLA stock in a recent report from November 4 with a “Buy” rating. Robert W. Baird downgraded the rating on October 7. Robert W. Baird has a “Neutral” rating and a $282 price target on shares. Finally, S&P Research upgraded the stock to a “Hold” rating in a report they issued on an October 13.
The institutional sentiment increased to 1.29 in Q2 2015. It’s up 0.01, from 1.28 in 2015Q2. The ratio improved, as 84 funds sold all their Tesla Motors Inc shares they owned while 122 reduced their positions. 66 funds bought stakes while 199 increased their total positions. Institutions now own 76.22 million shares which is 1.63% less than the previous share count of 77.48 million in 2015Q2.
J&P(China)Capital Management Co.Ltd holds 50.38% of its total portfolio in Tesla Motors Inc, equating to 975,058 shares. Andor Capital Management L.L.C. owns 1.00 million shares representing 39.05% of their total US portfolio. Moreover, Zevenbergen Capital Investments Llc has 6.58% of their total portfolio invested in the company, equating to 618,255 shares. The New York-based Long Oar Global Investors Llc has a total of 5.74% of their portfolio invested in the stock. Hhr Asset Management Llc, a New Jersey-based fund reported 488,021 shares owned.
Since April 16, 2015, the stock had 0 insider purchases, and 4 selling transactions for a total of $10.26 million in net activity. Straubel Jeffrey B sold 10,000 shares worth $2.18 million. Ehrenpreis Ira Matthew sold 16,698 shares worth $4.26M. Ahuja Deepak sold 5,000 shares worth $1.29 million. 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 $19.85 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.