Needham Sticks to Their Sell Rating for Tesla (TSLA)

By Jason Carr

In a report issued on July 3, Rajvindra Gill from Needham reiterated a Sell rating on Tesla (TSLAResearch Report). The company’s shares closed on Friday at $233.10.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 11.7% and a 56.0% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies Inc, and Smart Global Holdings Inc.

Currently, the analyst consensus on Tesla is a Hold with an average price target of $262.64, a 12.7% upside from current levels. In a report issued on June 26, Credit Suisse also initiated coverage with a Sell rating on the stock with a $189 price target.

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Based on Tesla’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $702 million. In comparison, last year the company had a GAAP net loss of $718 million.

Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TSLA in relation to earlier this year. Last month, Ira Matthew Ehrenpreis, a Director at TSLA bought 8,492 shares for a total of $251,873.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Tesla, Inc. engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The company operates through Automotive, and Energy Generation and Storage segments.