TuSimple Holdings Inc. (NASDAQ:TSP – Get Rating) was the target of a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 8,490,000 shares, a decrease of 23.9% from the October 31st total of 11,150,000 shares. Based on an average trading volume of 3,710,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 6.1% of the company's stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Impact Advisors LLC acquired a new position in shares of TuSimple during the third quarter worth about $47,000. State Street Corp lifted its stake in shares of TuSimple by 62.6% during the third quarter. State Street Corp now owns 4,143,505 shares of the company's stock worth $31,491,000 after purchasing an additional 1,595,044 shares in the last quarter. Trexquant Investment LP lifted its stake in shares of TuSimple by 63.2% during the third quarter. Trexquant Investment LP now owns 68,032 shares of the company's stock worth $517,000 after purchasing an additional 26,345 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of TuSimple by 14.7% during the third quarter. Vanguard Group Inc. now owns 12,735,082 shares of the company's stock worth $96,787,000 after purchasing an additional 1,631,539 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of TuSimple by 64.6% during the third quarter. Price T Rowe Associates Inc. MD now owns 34,145 shares of the company's stock worth $260,000 after purchasing an additional 13,396 shares in the last quarter. Institutional investors and hedge funds own 38.25% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on TSP. Oppenheimer downgraded TuSimple from an "outperform" rating to a "market perform" rating in a research note on Tuesday, November 1st. Bank of America downgraded TuSimple from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $14.00 to $5.50 in a research note on Monday, October 31st. JPMorgan Chase & Co. downgraded TuSimple from an "overweight" rating to an "underweight" rating in a research note on Tuesday, November 1st. Piper Sandler cut TuSimple from an "overweight" rating to a "neutral" rating in a research report on Monday, October 31st. They noted that the move was a valuation call. Finally, Royal Bank of Canada cut TuSimple from a "sector perform" rating to an "underperform" rating in a research report on Monday, October 31st. Four analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $24.11.

TuSimple Stock Performance

TuSimple (NASDAQ:TSP – Get Rating) last announced its quarterly earnings data on Monday, October 31st. The company reported ($0.50) EPS for the quarter, beating analysts' consensus estimates of ($0.58) by $0.08. The business 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%. On average, analysts anticipate that TuSimple will post -2.03 EPS for the current fiscal year.

TuSimple Company Profile

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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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