Delaware Chancery Court Judge Kathaleen St. J. McCormick said Thursday that she will hear arguments on whether to consider the recent shareholders' vote results in her decision on Elon Musk's $56 billion Tesla, Inc. (NASDAQ:TSLA) pay package.
The Details: According to a Bloomberg report, Judge McCormick could rescind her Jan. 31 decision which found the board that approved Musk's compensation was "beholden" to him and not looking after shareholders' interests. Tesla argued its recent shareholder vote addressed many of the concerns McCormick raised in her decision.
McCormick said Thursday she will hear arguments on whether to consider the recent vote in late July or early August. The court will also hear a previously scheduled hearing on July 8 concerning attorney's fees sought by lawyers who brought the challenge to Musk's pay package.
Related News: Levi Strauss Stock Plummets On Mixed Q2 Results, Weak Guidance: The Details
Will TSLA Stock Go Up?
When trying to assess whether or not Tesla will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $197.82 on Tesla. The Street high target is currently $310 and the Street low target is $22.86. Of all the analysts covering Tesla, 26 have positive ratings, 13 have neutral ratings and 9 have negative ratings.
In the past month, 18 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Check out how analysts covering Tesla have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Tesla is 23.33% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Tesla, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
TSLA Price Action: According to Benzinga Pro, Tesla shares ended Thursday's session up 0.53% at $197.42.
Photo: Shutterstock