Tesla’s Stock Rating Upgraded: Analyst Forecasts Price Drop Ahead
On October 24, 2024, KGI Securities changed their stance on Tesla (XTRA:TL0), moving their rating from Neutral to Outperform.
Analyst Predictions Indicate a Significant Drop
As of October 22, 2024, the average one-year price expectation for Tesla sits at 198.25 €/share. Predictions vary widely, with estimates ranging from a low of 23.21 € to a high of 300.87 €. This average suggests a potential decrease of 17.24% from Tesla’s most recent closing price of 239.55 € / share.
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Tesla Expected to See Revenue Growth
The projected annual revenue for Tesla is forecasted at 134,914 million, marking an increase of 38.87%. Additionally, non-GAAP earnings per share (EPS) is anticipated to reach 5.62.
What Are Investors Saying?
Currently, there are 4,291 funds or institutions reporting stakes in Tesla, a rise of 87 owners (2.07%) from the last quarter. The average portfolio allocation dedicated to TL0 across all funds is 0.89%, which is an increase of 8.31%. Institutions have increased their total shareholdings in the past three months by 7.12%, now totaling 1,621,996K shares.
Recent Investor Activity
The Vanguard Total Stock Market Index Fund (VTSMX) holds 85,652K shares, which is 2.68% of Tesla’s equity. Their last report indicated ownership of 85,113K shares, reflecting a 0.63% increase. Over the last quarter, VTSMX raised their allocation in TL0 by 10.16%.
The Vanguard 500 Index Fund (VFINX) owns 71,212K shares (2.23% of the company), up from 69,825K shares, accounting for a 1.95% increase. VFINX also increased its stake in TL0 by 8.68% in the previous quarter.
Geode Capital Management possesses 58,334K shares, representing 1.83% ownership, up from 56,909K shares, a 2.44% increase. They boosted their portfolio allocation in TL0 by 9.45% over the last three months.
Capital World Investors holds 42,709K shares (1.34% ownership), an increase from 39,096K shares, showing a 8.46% increase. They’ve raised their portfolio allocation in TL0 by 21.16% during the last quarter.
Invesco QQQ Trust, Series 1, has 35,997K shares, which equals 1.13% of the company. Previously, they had 34,985K shares, marking a 2.81% increase in ownership. Their allocation for TL0 went up by 4.26% over the last quarter.
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This article first appeared on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
