Tesla (NASDAQ:TSLA) Trading Down 0.7% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA) shares dropped 0.7% on Wednesday . The company traded as low as $416.10 and last traded at $421.30. Approximately 24,613,885 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 77,547,750 shares. The stock had previously closed at $424.07.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TSLA. Roth Mkm upgraded shares of Tesla from a “neutral” rating to a “buy” rating and upped their price objective for the company from $85.00 to $380.00 in a research note on Monday, December 2nd. Glj Research reaffirmed a “sell” rating and set a $24.86 price target on shares of Tesla in a research report on Friday, January 3rd. JPMorgan Chase & Co. increased their price objective on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. UBS Group lifted their target price on shares of Tesla from $197.00 to $226.00 and gave the company a “sell” rating in a report on Monday, November 25th. Finally, Mizuho raised shares of Tesla from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $230.00 to $515.00 in a research report on Tuesday, December 17th. Nine investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Tesla presently has an average rating of “Hold” and a consensus target price of $309.48.

Tesla Trading Down 1.1 %

The business’s 50-day simple moving average is $393.38 and its 200-day simple moving average is $291.27. The company has a market cap of $1.35 trillion, a PE ratio of 115.09, a P/E/G ratio of 8.60 and a beta of 2.30. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. During the same quarter in the prior year, the business posted $0.53 EPS. Tesla’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, analysts expect that Tesla, Inc. will post 2.01 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the sale, the director now directly owns 5,400 shares in the company, valued at approximately $2,222,802. The trade was a 94.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 621,886 shares of company stock valued at $213,451,751. 20.70% of the stock is owned by company insiders.

Institutional Trading of Tesla

Large investors have recently made changes to their positions in the business. Abich Financial Wealth Management LLC grew 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 worth $26,000 after buying an additional 81 shares during the period. Transcendent Capital Group LLC acquired a new stake in Tesla during the 3rd quarter worth $29,000. Clean Yield Group raised its position in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 48 shares during the last quarter. Peterson Financial Group Inc. bought a new position in shares of Tesla in the 3rd quarter worth $35,000. Finally, M&R Capital Management Inc. grew its stake in shares of Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 100 shares during the period. Institutional investors own 66.20% of the company’s stock.

Tesla Company Profile

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.