TuSimple (NASDAQ:TSP) Sets New 1-Year Low at $23.93

TuSimple Holdings Inc. (NASDAQ:TSP) shares hit a new 52-week low during trading on Friday . The stock traded as low as $23.93 and last traded at $24.39, with a volume of 49371 shares. The stock had previously closed at $25.53.

Several brokerages recently commented on TSP. KeyCorp began coverage on TuSimple in a report on Tuesday. They issued an “overweight” rating and a $50.00 price objective for the company. Royal Bank of Canada cut their price objective on TuSimple from $68.00 to $55.00 and set an “outperform” rating for the company in a report on Thursday, November 4th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of TuSimple in a report on Wednesday, January 5th. China Renaissance Securities assumed coverage on TuSimple in a report on Tuesday, December 7th. They set a “hold” rating and a $39.10 price target for the company. Finally, Zacks Investment Research lowered TuSimple from a “hold” rating to a “sell” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $56.84.

The business has a 50-day moving average of $35.81 and a 200 day moving average of $39.82.

TuSimple (NASDAQ:TSP) last issued its quarterly earnings data on Wednesday, November 3rd. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.04). TuSimple had a negative net margin of 13,172.03% and a negative return on equity of 152.46%. The company had revenue of $1.79 million for the quarter, compared to analysts’ expectations of $1.81 million. On average, analysts expect that TuSimple Holdings Inc. will post -3.7 EPS for the current fiscal year.

In other news, CFO Patrick Dillon sold 1,276 shares of the company’s stock in a transaction that occurred on Thursday, December 16th. The stock was sold at an average price of $34.15, for a total transaction of $43,575.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Cheng Lu sold 9,136 shares of the company’s stock in a transaction that occurred on Monday, December 20th. The shares were sold at an average price of $31.49, for a total value of $287,692.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,631 shares of company stock worth $676,065.

A number of large investors have recently made changes to their positions in TSP. Rockefeller Capital Management L.P. lifted its holdings in TuSimple by 82.9% during the third quarter. Rockefeller Capital Management L.P. now owns 748 shares of the company’s stock worth $27,000 after buying an additional 339 shares during the period. Deutsche Bank AG purchased a new stake in TuSimple during the second quarter worth $31,000. Cubist Systematic Strategies LLC purchased a new stake in TuSimple during the third quarter worth $47,000. Luminus Management LLC purchased a new stake in TuSimple during the third quarter worth $56,000. Finally, Metropolitan Life Insurance Co NY purchased a new stake in TuSimple during the second quarter worth $67,000. 33.44% of the stock is currently owned by institutional investors.

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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