Why does Dow Jones quote this moron?
From:
Tesla Is Raising Cash. This Isn't Your Typical Stock Offering. -- Barrons.com
"The offering is a little different than other stock sales. "At-the-market" means "investors who purchase shares in this offering at different times will likely pay different prices." There is no one block of stock being allocated by bookrunners.
That is a bad sign to some.
GLJ analyst Gordon Johnson believes it's a sign that institutional demand is drying up for Tesla stock, and that retail investors are driving the offering. "If they need the cash, that's a problem with the story," Johnson tells Barron's.
It's a bearish take, but Johnson is indeed a bear. He rates Tesla Sell and has a mere $17.40 price target, the lowest target price on Wall Street for a stock that trades around $500. Not everyone fells as Johnson does. New Street Research analysts Pierre Ferragu is fine with the capital raise."
Let's all flood Barron's author Al Root with email:
Write to Al Root at
[email protected]
Here is Al's LinkedIn:
https://www.linkedin.com/in/allen-root-b0030313/
"
About
I am (was) a portfolio manager and equity analyst working on Wall St since 2001. I have passed the Series 86/87 qualification exams.
Now I work at Dow Jones writing (incisive) stories about financial markets. "