Shares of TuSimple Holdings Inc. (NASDAQ:TSP) shot up 4.5% during trading on Friday . The company traded as high as $40.07 and last traded at $39.45. 9,295 shares traded hands during trading, a decline of 99% from the average session volume of 1,849,854 shares. The stock had previously closed at $37.75.
A number of equities analysts recently weighed in on the stock. Morgan Stanley boosted their price target on shares of TuSimple from $48.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, July 8th. Zacks Investment Research raised shares of TuSimple from a “sell” rating to a “hold” rating in a research note on Wednesday, August 11th. Finally, CICC Research assumed coverage on shares of TuSimple in a research note on Wednesday, July 7th. They issued an “outperform” rating and a $78.70 price target on the stock. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $58.64.
The firm’s 50-day moving average is $41.25.
In other TuSimple news, insider Cheng Lu sold 40,648 shares of the stock in a transaction that occurred on Friday, September 3rd. The shares were sold at an average price of $44.18, for a total value of $1,795,828.64. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders sold 172,004 shares of company stock worth $7,222,155.
Institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. acquired a new position in shares of TuSimple in the 2nd quarter valued at $25,000. Rockefeller Capital Management L.P. acquired a new stake in TuSimple during the 2nd quarter worth $28,000. Deutsche Bank AG acquired a new stake in TuSimple during the 2nd quarter worth $31,000. IFP Advisors Inc acquired a new stake in TuSimple during the 2nd quarter worth $34,000. Finally, First Horizon Advisors Inc. acquired a new stake in TuSimple during the 2nd quarter worth $46,000. Institutional investors and hedge funds own 26.57% of the company’s stock.
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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