State Board of Administration of Florida Retirement System raised its position in shares of TuSimple Holdings Inc. (NASDAQ:TSP – Get Rating) by 103.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,610 shares of the company’s stock after buying an additional 18,646 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in TuSimple were worth $265,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in TSP. Daiwa Securities Group Inc. lifted its position in TuSimple by 45.7% during the first quarter. Daiwa Securities Group Inc. now owns 3,371 shares of the company’s stock valued at $41,000 after buying an additional 1,058 shares during the period. FDx Advisors Inc. raised its position in shares of TuSimple by 33.2% in the 1st quarter. FDx Advisors Inc. now owns 10,238 shares of the company’s stock worth $125,000 after purchasing an additional 2,554 shares during the last quarter. Versor Investments LP purchased a new position in shares of TuSimple in the 1st quarter worth about $530,000. Envestnet Asset Management Inc. raised its position in shares of TuSimple by 10.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 17,876 shares of the company’s stock worth $218,000 after purchasing an additional 1,696 shares during the last quarter. Finally, Advisor Group Holdings Inc. raised its position in shares of TuSimple by 52.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 13,468 shares of the company’s stock worth $164,000 after purchasing an additional 4,642 shares during the last quarter. Hedge funds and other institutional investors own 38.25% of the company’s stock.
Analysts Set New Price Targets
Several research firms have recently issued reports on TSP. Robert W. Baird lowered TuSimple from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $11.00 to $7.00 in a research report on Monday, October 31st. Royal Bank of Canada downgraded TuSimple from a “sector perform” rating to an “underperform” rating in a report on Monday, October 31st. Piper Sandler downgraded TuSimple from an “overweight” rating to a “neutral” rating in a report on Monday, October 31st. They noted that the move was a valuation call. Bank of America downgraded TuSimple from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $14.00 to $5.50 in a report on Monday, October 31st. Finally, Citigroup downgraded TuSimple from a “buy” rating to a “sell” rating in a report on Monday, October 31st. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.11.
TuSimple Trading Down 7.4 %
TuSimple (NASDAQ:TSP – Get Rating) last announced its quarterly earnings data on Monday, October 31st. The company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.08. The company had revenue of $2.65 million during the quarter, compared to the consensus estimate of $2.32 million. TuSimple had a negative return on equity of 36.09% and a negative net margin of 4,697.76%. Equities research analysts predict that TuSimple Holdings Inc. will post -2.03 earnings per share for the current fiscal 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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