TuSimple (NASDAQ:TSP) Trading Down 6.3%

TuSimple Holdings Inc. (NASDAQ:TSP)’s share price dropped 6.3% during mid-day trading on Thursday . The stock traded as low as $46.30 and last traded at $46.30. Approximately 4,809 shares changed hands during trading, a decline of 100% from the average daily volume of 1,470,893 shares. The stock had previously closed at $49.43.

A number of equities analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of TuSimple from $48.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, July 8th. Cowen began coverage on TuSimple in a research note on Monday, May 10th. They set a “market perform” rating and a $38.00 price target on the stock. Oppenheimer initiated coverage on TuSimple in a research report on Tuesday, May 11th. They issued an “outperform” rating and a $55.00 price objective for the company. Citigroup assumed coverage on TuSimple in a research note on Monday, May 10th. They issued a “buy” rating on the stock. Finally, Piper Sandler assumed coverage on TuSimple in a report on Monday, May 10th. They issued an “overweight” rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $58.64.

The business has a 50 day simple moving average of $48.29.

TuSimple (NASDAQ:TSP) last posted its quarterly earnings results on Monday, May 10th. The company reported ($6.43) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.46) by ($5.97). The firm had revenue of $0.94 million for the quarter, compared to the consensus estimate of $0.80 million. As a group, research analysts expect that TuSimple Holdings Inc. will post -2.65 earnings per share for the current fiscal year.

About TuSimple (NASDAQ:TSP)

TuSimple Holdings Inc, an autonomous technology company, develops autonomous technology specifically designed for semi-trucks in the United States and internationally. It intends to produce a line of purpose-built (Level 4) L4 autonomous semi-trucks for the North American market. The company operates its Autonomous Freight Network (AFN) L4 autonomous semi-trucks equipped with its autonomous driving technology.

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