Musk’s comments on last week’s financial-results call seem to indicate that while Tesla will likely deliver at least a handful of Model X vehicles before the end of September, volume production won’t commence until December-and possibly later.
Advertisement
Tesla had 127.1 million shares outstanding as of July 30.
A number of other equities analysts have also weighed in on the stock. Bank of America reiterated an “underperform” rating and set a $180.00 price target on shares of Tesla Motors in a report on Friday, August 7th. Tesla stock now sits around $242 a share, after sliding by 15 percent through Wednesday since July 20, the day after Tesla announced “Ludicrous Mode” for its Model S sedan which allows the auto to sprint from 0 to 60 miles per hour in just 2.8 seconds.
In response to questions from stock analysts following the earnings report, Musk indicated he was considering the new stock offering. During the same period in the prior year, the firm earned $0.11 EPS. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.16 billion. Equities research analysts forecast that Tesla Motors will post ($0.30) earnings per share for the current year.
Tesla has filed to sell 2.1 million shares in order to raise about $500 million to expand its business. The disclosure for this sale can be found here.
While Tesla shares have climbed considerably year to date, lower sales estimates for 2015 led to a sell-off early this month. The technology of the Company’s includes cooling systems, security systems, charge reconciliation systems, battery engineering for vibration and environmental durability, robotic manufacturing processes, customized motor layout and also electronic equipment management systems and the applications necessary to deal with battery and vehicle operation. JPMorgan Chase & Co. restated a sell rating on shares of Tesla Motors in a report on Thursday, August 6th. Morgan Stanley reaffirmed an overweight rating and issued a $280.00 target price on shares of Tesla Motors in a research note on Saturday, May 23rd.
Tesla Motors, Inc. designs, develops, manufactures and sells electric vehicles, electric vehicle powertrain components and stationary energy storage systems.
Advertisement
The charging network will enable drivers to recharge their Model S during their travel from Sydney to Melbourne, Canberra to Sydney, Canberra to Melbourne, or vice versa. The Business uses energy management technologies and manufacturing procedures developed because of its vehicle powertrain systems and develops fixed energy storage products for use in houses, commercial websites and utilities.
