Tesla to Test Self-driving Electric Trucks

Tesla to Test Self-driving Electric Trucks

Hedge funds and other institutional investors own 63.71% of the company's stock.

For Tesla's next trick, it would like to transform the world of shipping by developing autonomous big rigs.

Tesla is raising $1.5 billion as it ramps up production of the Model 3 sedan, its first mass market electric vehicle. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer's stock worth $109,000 after buying an additional 364 shares during the last quarter. Winfield Associates Inc. boosted its position in Tesla by 85.2% in the second quarter. Parametric Portfolio Associates LLC now owns 100,892 shares of the electric vehicle producer's stock worth $36,484,000 after buying an additional 3,410 shares in the last quarter. Acropolis Investment Management LLC acquired a new position in Tesla during the second quarter worth approximately $122,000. Finally, HighPoint Advisor Group LLC raised its stake in shares of Tesla by 8.9% in the fourth quarter.

Shares of Tesla (TSLA) opened at 357.87 on Friday. The firm's market capitalization is $58.97 billion. Tesla Inc. The company has a 50 day moving average of $341.13 and a 200-day moving average of $307.07.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of ($2.00) by $0.67. Tesla is burning through about $1 billion per quarter, as it starts its ambitious plan of ramping up Model 3 production to over 400,000 units per year in only 18 months. During the same quarter previous year, the company earned ($1.06) EPS. On average, equities analysts forecast that Tesla Inc will post ($6.29) earnings per share for the current year.

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A number of analysts have commented on the company. In the paperwork, Tesla would have to explain to the DMV how they have tested the truck and safety measures. Finally, Bank of America Corporation decreased their price target on shares of Tesla from $170.00 to $165.00 and set an "underperform" rating on the stock in a research report on Wednesday, April 26th.

In a research note, the New York-based credit agency assigned Tesla a B2 corporate family rating, placing it in the highly speculative camp. With the last stock price up 16.54% relative to the two hundred day average, compared with the Standard & Poor's 500 Index which has increased 0.05% over the same period.

In other news, Director Kimbal Musk sold 4,690 shares of the business's stock in a transaction that occurred on Monday, July 3rd.

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