Shares of TuSimple Holdings Inc. (NASDAQ:TSP – Get Rating) have received an average rating of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $28.19.
Several equities research analysts have weighed in on TSP shares. Robert W. Baird cut their target price on shares of TuSimple from $17.00 to $11.00 in a report on Wednesday. KeyCorp lowered their price target on shares of TuSimple from $40.00 to $30.00 in a research note on Thursday, May 12th. China Renaissance raised shares of TuSimple from a “hold” rating to a “buy” rating and decreased their price objective for the company from $39.10 to $15.50 in a research report on Thursday, May 26th. Morgan Stanley reduced their target price on shares of TuSimple from $45.00 to $35.00 and set an “overweight” rating for the company in a report on Friday, July 8th. Finally, Royal Bank of Canada downgraded shares of TuSimple from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $14.00 to $7.00 in a report on Friday, May 13th.
Hedge Funds Weigh In On TuSimple
A number of hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC boosted its position in shares of TuSimple by 4.2% during the 2nd quarter. ARK Investment Management LLC now owns 13,564,321 shares of the company’s stock valued at $111,363,000 after acquiring an additional 548,385 shares during the last quarter. Vanguard Group Inc. boosted its position in TuSimple by 0.3% during the first quarter. Vanguard Group Inc. now owns 8,806,701 shares of the company’s stock valued at $107,442,000 after purchasing an additional 29,283 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its position in TuSimple by 51.4% during the first quarter. Nikko Asset Management Americas Inc. now owns 5,574,932 shares of the company’s stock valued at $68,014,000 after purchasing an additional 1,891,726 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in TuSimple in the second quarter worth about $39,340,000. Finally, State Street Corp boosted its holdings in TuSimple by 75.8% in the first quarter. State Street Corp now owns 3,666,094 shares of the company’s stock worth $44,726,000 after acquiring an additional 1,580,884 shares in the last quarter. Hedge funds and other institutional investors own 43.89% of the company’s stock.
TuSimple Stock Down 2.2 %
TuSimple (NASDAQ:TSP – Get Rating) last issued its earnings results on Tuesday, May 3rd. The company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.07. TuSimple had a negative return on equity of 34.01% and a negative net margin of 5,193.63%. The business had revenue of $2.26 million during the quarter, compared to analyst estimates of $3.73 million. During the same period in the prior year, the company posted ($6.43) earnings per share. Sell-side analysts anticipate that TuSimple will post -2.46 earnings per share for the current year.
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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