Saturday, 18 November, 2017

Tesla misses first major Model 3 goal in worst financial quarter ever

Elon Musk confirmed it had missed its Model 3 production goal for the third quarter producing only 260 vehicles compared to an earlier estimate of 1,500 Tesla Falls After Q3 Loss, Lower Deliveries
Mae Harvey | 02 November, 2017, 00:54

(NASDAQ:TSLA) in a research note published on Tuesday morning.

On Wednesday, however, the company admitted that because "the Model 3 production process will be vastly more automated than the production process of Model S, Model X [.] bringing this level of automation online is simply challenging in the early stages of the ramp". Tesla said there are no issues with its supply chain. Vetr lowered Tesla from a sell rating to a strong sell rating and set a $292.39 price objective for the company.in a research note on Monday, October 23rd. Ten research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company.

The company's consensus rating on Reuter's scale slipped from 1.95 to 1.89 during a month.

By the time trading ended on Wall Street on Wednesday, TSLA shares were down 3.15% to $321.08. 732,944 shares of the stock were exchanged.

Tesla Inc. has a 52 week low of $178.19 and a 52 week high of $389.61. The firm's market cap is $53.88 billion. Tesla Inc. The firm's 50-day moving average is $350.92 and its 200-day moving average is $341.49. So far, the company has reported that only 260 have been produced.

Tesla's revenue rose 30 percent to $2.9 billion for the quarter, in line with analysts' expectations.

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Quarterly revenues were $2.98bn, 30% higher than the same period previous year. They have risen 45 percent since the start of this year.

Tesla said the bulk of its production issues have to do with its Gigafactory in Sparks, Nevada.

COPYRIGHT VIOLATION WARNING: "Tesla Inc".

Sentiment on the street is mostly bearish on TSLA stock. Following the completion of the sale, the vice president now owns 1,736 shares of the company's stock, valued at $589,354.64. Also, VP Eric Branderiz sold 99 shares of Tesla stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $339.49, for a total transaction of $589,354.64. The disclosure for this sale can be found here. Its shares are up more than 50% so far in 2017.

Several large investors have recently made changes to their positions in the stock. DnB Asset Management AS boosted its position in Tesla by 1.6% during the second quarter. MetLife's stock has rallied 8.5% over the past three months, while the SPDR SP Insurance ETF has tacked on 0.2% and the SP 500 has gained 4.2%. Analysts polled by FactSet forecast a loss of $2.85 per share. DnB Asset Management AS now owns 13,621 shares of the electric vehicle producer's stock worth $4,927,000 after acquiring an additional 210 shares during the last quarter. Cornerstone Advisors Inc. raised its holdings in Tesla by 2.3% during the 2nd quarter. Finally, Aperio Group LLC increased its holdings in shares of Tesla by 16.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 19,732 shares of the electric vehicle producer's stock worth $5,491,000 after acquiring an additional 932 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.

The company says it's on pace to deliver 100K vehicles for the full year. Sustainable energy generation and storage is a critical part of Tesla's mission and will drive long-term revenue growth and profits.

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