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Tech & Science One of Tesla's most vocal investors sold more than $39 million of the stock ahead of the company's earnings report

03:30  23 october  2019
03:30  23 october  2019 Source:   businessinsider.com.au

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What' s more , the company is scheduled to report earnings on Wednesday after the close of trading. Historically, shares have moved up to 10% in either direction following Tesla ' s earnings reports . This quarter is likely no exception, as some analysts warn the company could cut its estimates for full year

ARK Investment Management, one of the most vocal backers of Tesla , has sold more than 150,000 shares ahead of the company ' s monthly report , Business Insider reported . The sales were voluntarily disclosed by ARK. According to the company ' s intraday trading data

a close up of Elon Musk

ARK Investment Management, a relatively small but extremely vocal backer of Tesla, has massively trimmed its exposure to the stock as the company prepares to release its third-quarter financials on Wednesday - but it's not about fear, a portfolio manager says.

Since October 1, the firm, which has a $US6,000 ($AU8,737) price target for shares of Elon Musk's electric car company, has sold roughly 154,000 shares of Tesla, worth roughly $US39 million ($AU57 million) at Monday's prices. The sales were voluntarily disclosed by ARK, which publishes all of its intra-day trades in email updates and on a regularly-updated website.

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Tesla is ahead of the pack here, since its EVs do more than 300 miles, with the Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. In the process, it’ s expected to create 22 million jobs and generate .3 trillion in activity.

Tesla (TSLA) possesses the right combination of the two key ingredients for a likely earnings beat in its How much would you pay for 0 million per year of operating cash flow and maybe .4 billion in sales Tesla ’ s electric pickup truck is one of the most anticipated vehicles in recent history.

While ARK is a small holder of Tesla stock - its 0.65% stake at the end of the second quarter made it the 21st-largest shareholders - the volume of its outspoken support of the company and sky-high price target, make the sales notable.

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Tesla is expected to show the third unprofitable quarter in a row despite selling a record number of The stock has been on the rise since the end of 2018. However, at the end of September, the price Although Amazon remains one of the best long-term performers among both tech and consumer

Elon Musk' s company reported much better- than -expected earnings and free cash flow with the help of Updated Oct 25, 2018 9: 39 AM EDT. For a company that has long been plagued by profit and cash-flow Following the release, Tesla shares climbed as much as 10% in after-hours trading on

Ren Leggi, a client portfolio manager at the $US9.6 billion ($AU13.9 billion) firm, said in an interview with Business Insider that Tesla still remains one of its top picks, and conviction is still high.

"We're long term investors, bu we are short term contrarian," he said by phone Monday. "We trade quite often - in some cases almost every day - and we trade around positions. We're not market timers but we will take advantage of volatility."

Tesla's stock price was near record-lows in June, amid a spat with the Securities and Exchange Comission, near $US170 ($AU248) per share. ARK was buying then, Leggi said, and eventually had to sell in order to stay below internal rules that limit individual holdings to 10%.

"Our conviction is still very high," he said. "In fact, it's probably only increased since we first held it. So it's not a matter of conviction, the selling, it's more opportunistic trading."

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Tesla is slashing workers ahead of one of the most crucial deadlines in its history. It comes ahead of a 0 million bond payment due in March. A lot will hang on Tesla ' s Q4 earnings which The electric-car company has been profitable for only three quarters of its 15 year history, one of those

Tesla CEO Elon Musk just gave one of the weirest earnings calls perhaps in the history of That' s the last thing Tesla needs is to see deposit money flying out the door. What' s more , Musk sent a The Tesla Semi lighting up Instagram feeds may be nothing more than a marketing mechanism.

What's more, the company is scheduled to report earnings on Wednesday after the close of trading. Historically, shares have moved up to 10% in either direction following Tesla's earnings reports. This quarter is likely no exception, as some analysts warn the company could cut its estimates for full year vehicle production.

Analysts are likely to ask for an update on plans for Tesla's planned network of autonomous robo-taxis. Elon Musk said in April that a million-strong network will hit the rods by next year, and the plans are key to ARK's investment theory.

ARK's investment thesis relies heavily on an autonomous product.

"We think that Tesla, right now, has a large competitive advantage compared to others like Waymo and Cruise," he said. "From an autonomous perspective, if they are able to delivery, then we think the stock could be worth $US5,000 ($AU7,282) to $US6,000 ($AU8,740) per share within five years."

Even if that doesn't happen, ARK's bear case for only electric vehicles still see's Tesla's share price more than doubling to $US600 ($AU874).

Lyft's slumping stock price cost General Motors $214 million last quarter

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When Tesla Inc (NASDAQ: TSLA) reports earnings Wednesday after the bell, investors will likely continue to look for clues about whether the electric But there also seems to be a little bit of extra tension going into this Q3 earnings report as Wall Street analysts are predicting the company might

On Thursday, Oct. 17, Tesla (NASDAQ:TSLA) stock gained 0.85%. For a stock as volatile as Tesla , that' s not much and volume in shares of the electric carmaker on that particular day was well below average.Source: Ivan Marc / Shutterstock.com However

On Wednesday, Wall Street analysts polled by Bloomberg expect Tesla to remain in the red for the third quarter, despite a record number of vehicle production and deliveries, as the company struggles to return to profitability.

"We are maintaining our recently lowered estimates," Ryan Brinkman, an analyst at JPMorgan said in a note to clients Friday, "which reflect the fact that while overall 3Q deliveries tracked higher, the beat was driven by higher than anticipated sales of the lower ASP (average selling price) and lower margin Model 3, which more than offset relative weakness in sales of the higher ASP and higher margin Model S/X."

Shares of Tesla are down 23% since the beginning of the year.

Pictures: What an average car cost the year you were born

a close up of a road: Have you ever wondered how much it cost to buy a car 50 or more years ago? Car prices in the U.S. look very different today than they did through the decades. The dollar had a lot more buying power, and the cost of automobiles and other items was much lower. To give you a better idea, the average cost of a new car today is $35,263, according to Kelley Blue Book. If you backtrack 100 years, you’ll find car valuations under $2,000. GOBankingRates did a car price comparison from 1913 to the present. The prices were adjusted for inflation, with 2017 as the base year, using the Bureau of Labor Statistics’ consumer price index inflation calculator to provide an average car price by year. Click through to find out what a new car cost the year you were born.

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