Tesla Inc (TSLA) Slashes Production of Two Cars, Misses Q3 Estimates

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Jefferies Group LLC lowered Tesla from an in-line rating to an underperform rating and reduced their price objective for the stock from $312.00 to $240.00 in a research note on Friday, October 27th. J P Morgan Chase & Co now has an underweight rating on the electric vehicle producer's stock.

A number of research firms have recently weighed in on TSLA. (NASDAQ:TSLA) by 160.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. Musk had initially set a target of December for that production. Robert W. Baird restated an "outperform" rating and issued a $368.00 target price on shares of Tesla in a report on Thursday, August 3rd. Excluding items, the company lost $2.92 per share. Ten equities 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 now has a consensus rating of Hold and a consensus target price of $332.78.

Tesla stock closed at $321.08 Wednesday, down 3.15%, and was falling further in after-hours trading.

Tesla warned that its adjusted gross margin would decline to about 15 percent due to a higher mix of lower-margin Model 3 deliveries in the fourth quarter, but then recover in the first quarter of 2018. The stock's market cap is $54.42 billion. The stock's 50-day moving average price is $350.92 and its 200-day moving average price is $341.49.

Tesla Inc (NASDAQ:TSLA), probably the most-loved/hated stock on the market, released third-quarter earnings today after the bell. So far, the company has reported that only 260 have been produced. The company had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The company's revenue for the quarter was up 119.6% compared to the same quarter previous year.

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Shares of Tesla have fallen almost 17 percent from a 12-month high of $385 in September, but are still up 50 percent from January fueled by belief in the long-term prospects of the company.

The main production constraint Tesla had faced was at the battery module assembly line, where it said it had redesigned some of the automated processes and was now hoping throughput could increase.

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Korea Investment CORP lifted its holdings in Tesla Inc.

Sentiment on the street is mostly bearish on TSLA stock. The stock sank -2.93% last month and is up 55.15 this year.