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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Tesla, Inc.    TSLA

TESLA, INC.

(TSLA)
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Tesla to Sell Up to $5 Billion in Stock -- Update

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09/01/2020 | 09:10am EDT

By Dave Sebastian

Tesla Inc. said it planned to raise up to $5 billion in stock offerings from time to time.

The return to capital markets came after the electric-vehicle maker's 5-for-1 split Monday, which sent shares up 13% to $498.32. The latest raise represents roughly 1.1% of Tesla's $464 billion market capitalization, according to FactSet. Shares rose 1.8% in premarket trading Tuesday.

The electric-vehicle maker in February raised more than $2 billion from a stock sale to help bolster its balance sheet. Chief Executive Elon Musk has had a complicated relationship with fundraising. As a CEO with a showman's flair, he has been successful in drumming up investor enthusiasm in Tesla, while also expressing a reluctance to issue stock over concerns it would dilute value for existing shareholders. He is the largest owner of Tesla stock.

The company on Tuesday said it has entered an equity distribution agreement with Goldman Sachs & Co. LLC, BofA Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, SG Americas Securities LLC, Wells Fargo Securities LLC and BNP Paribas Securities Corp.

Those banks, which will act as sales agents, will get a commission of up to 0.5% of gross proceeds from each sale of the shares, as well as reimbursement for certain expenses, Tesla said. The company said it could terminate the agreement at any time.

Tesla shares have surged 81% from the company's Aug. 11 stock-split announcement and have more than quintupled this year.

Tesla in July posted a fourth-consecutive profitable quarter for the first time in its 17-year history, defying the Covid-19 pandemic, threat of extended economic recession and Wall Street analysts who expected a loss.

Write to Dave Sebastian at dave.sebastian@wsj.com

 

Corrections and Amplifications

This article was corrected at 11:05 a.m. ET because it misstated that Tesla Inc.'s plans to raise up to $5 billion in stock offerings from time to time represents less than 1% of the company's $464 billion market capitalization. The plan represents roughly 1.1% of the company's $464 billion market capitalization.


Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 6.96% 111.54 Delayed Quote.-37.91%
BNP PARIBAS 2.81% 33.5 Real-time Quote.-36.59%
CITIGROUP INC. 0.00% 43.95 Delayed Quote.-44.99%
CREDIT SUISSE GROUP AG 2.72% 9.878 Delayed Quote.-24.62%
DEUTSCHE BANK AG 2.05% 8.12 Delayed Quote.17.39%
MORGAN STANLEY 0.19% 51.87 Delayed Quote.1.47%
TESLA, INC. -1.21% 420.63 Delayed Quote.402.75%
THE GOLDMAN SACHS GROUP, INC. -0.18% 205.04 Delayed Quote.-10.83%
WELLS FARGO & COMPANY 0.13% 23.28 Delayed Quote.-56.73%
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Financials (USD)
Sales 2020 30 843 M - -
Net income 2020 1 193 M - -
Net cash 2020 1 780 M - -
P/E ratio 2020 347x
Yield 2020 -
Capitalization 392 B 392 B -
EV / Sales 2020 12,7x
EV / Sales 2021 8,81x
Nbr of Employees 48 016
Free-Float 79,6%
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Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 37
Average target price 368,20 $
Last Close Price 420,63 $
Spread / Highest target 37,4%
Spread / Average Target -12,5%
Spread / Lowest Target -81,0%
EPS Revisions
Managers
NameTitle
Elon Reeve Musk Chief Executive Officer & Director
Robyn M. Denholm Chairman
Zachary Kirkhorn Chief Financial Officer
Kimbal Musk Director
Ira M. Ehrenpreis Independent Director
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