Tesla (NASDAQ:TSLA) Stock Price Down 5.6% – Here’s Why

Tesla, Inc. (NASDAQ:TSLA)’s share price traded down 5.6% during trading on Thursday . The stock traded as low as $373.40 and last traded at $381.32. 50,006,608 shares changed hands during trading, a decline of 47% from the average session volume of 94,854,445 shares. The stock had previously closed at $403.84.

Analysts Set New Price Targets

Several analysts recently weighed in on TSLA shares. Morgan Stanley lifted their price objective on shares of Tesla from $310.00 to $400.00 and gave the company an “overweight” rating in a research report on Tuesday, December 10th. Truist Financial reiterated a “hold” rating and set a $360.00 price objective on shares of Tesla in a research report on Thursday. Guggenheim raised their target price on Tesla from $156.00 to $175.00 and gave the company a “sell” rating in a research report on Thursday, December 5th. UBS Group increased their price target on Tesla from $197.00 to $226.00 and gave the stock a “sell” rating in a research note on Monday, November 25th. Finally, Barclays boosted their target price on Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Nine research analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $275.75.

Tesla Price Performance

The firm has a market capitalization of $1.21 trillion, a P/E ratio of 102.96, a P/E/G ratio of 10.80 and a beta of 2.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The stock has a 50 day moving average of $357.16 and a two-hundred day moving average of $270.84.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. Tesla’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.53 EPS. Sell-side analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In related news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the transaction, the director now owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. The trade was a 3.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at approximately $40,775,792.65. This trade represents a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 514,886 shares of company stock worth $169,393,831. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

Large investors have recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new position in shares of Tesla in the third quarter valued at $29,000. Clean Yield Group raised its stake in shares of Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after buying an additional 48 shares in the last quarter. Abich Financial Wealth Management LLC boosted its position in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after acquiring an additional 81 shares in the last quarter. Valley Wealth Managers Inc. bought a new stake in Tesla in the second quarter valued at about $26,000. Finally, Peterson Financial Group Inc. acquired a new position in Tesla in the third quarter worth about $35,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

About Tesla

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.