$6.52 Billion in Sales Expected for Tesla Inc (NASDAQ:TSLA) This Quarter

Analysts predict that Tesla Inc (NASDAQ:TSLA) will report $6.52 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Tesla’s earnings, with estimates ranging from $6.05 billion to $6.87 billion. Tesla reported sales of $6.82 billion in the same quarter last year, which indicates a negative year over year growth rate of 4.4%. The business is expected to announce its next quarterly earnings results after the market closes on Wednesday, October 23rd.

According to Zacks, analysts expect that Tesla will report full-year sales of $24.42 billion for the current fiscal year, with estimates ranging from $23.57 billion to $25.34 billion. For the next year, analysts forecast that the company will post sales of $30.55 billion, with estimates ranging from $28.73 billion to $34.90 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Tesla.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, July 24th. The electric vehicle producer reported ($2.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.55) by ($0.76). Tesla had a negative net margin of 2.64% and a negative return on equity of 11.42%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the previous year, the business posted ($3.06) earnings per share. Tesla’s revenue for the quarter was up 58.7% on a year-over-year basis.

Several equities analysts recently commented on the stock. Bank of America set a $225.00 target price on shares of Tesla and gave the company a “sell” rating in a research note on Wednesday, July 3rd. Wedbush set a $220.00 target price on shares of Tesla and gave the company a “hold” rating in a research note on Friday, October 18th. CIBC decreased their price target on Tesla from $437.00 to $356.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th. Cowen set a $140.00 target price on Tesla and gave the company a “sell” rating in a research report on Monday, September 30th. Finally, Nord/LB set a $195.00 target price on Tesla and gave the company a “sell” rating in a research report on Monday, October 7th. Eighteen equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $266.35.

Shares of TSLA traded down $0.90 during mid-day trading on Friday, hitting $254.68. The company’s stock had a trading volume of 9,530,547 shares, compared to its average volume of 8,979,985. The firm has a 50-day moving average price of $242.06 and a 200 day moving average price of $234.01. The stock has a market capitalization of $45.62 billion, a price-to-earnings ratio of -44.52 and a beta of 0.52. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.06 and a quick ratio of 0.71. Tesla has a fifty-two week low of $176.99 and a fifty-two week high of $379.49.

In other Tesla news, CFO Zachary Kirkhorn sold 150 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $224.00, for a total value of $33,600.00. Following the completion of the transaction, the chief financial officer now owns 9,812 shares in the company, valued at approximately $2,197,888. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathleen Wilson-Thompson acquired 360 shares of Tesla stock in a transaction on Wednesday, August 14th. The stock was acquired at an average price of $221.71 per share, with a total value of $79,815.60. Following the purchase, the director now directly owns 360 shares in the company, valued at $79,815.60. The disclosure for this purchase can be found here. Insiders sold a total of 15,450 shares of company stock valued at $3,566,021 in the last 90 days. Corporate insiders own 24.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers lifted its position in shares of Tesla by 0.7% during the 3rd quarter. Rhumbline Advisers now owns 149,121 shares of the electric vehicle producer’s stock valued at $35,919,000 after buying an additional 1,100 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in Tesla during the 3rd quarter worth about $23,678,000. Flagship Harbor Advisors LLC lifted its holdings in Tesla by 6.0% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 2,944 shares of the electric vehicle producer’s stock worth $709,000 after purchasing an additional 167 shares in the last quarter. Essex Investment Management Co. LLC purchased a new stake in Tesla during the 3rd quarter worth about $2,387,000. Finally, CWM LLC lifted its holdings in Tesla by 71.2% during the 3rd quarter. CWM LLC now owns 8,277 shares of the electric vehicle producer’s stock worth $1,994,000 after purchasing an additional 3,441 shares in the last quarter. 54.41% of the stock is currently owned by hedge funds and other institutional investors.

About Tesla

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, 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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