Tesla (NASDAQ:TSLA) Shares Down 2.8% – Here’s Why

by · The Markets Daily

Tesla, Inc. (NASDAQ:TSLA – Get Free Report)’s stock price traded down 2.8% during mid-day trading on Wednesday . The stock traded as low as $326.59 and last traded at $328.86. 26,671,825 shares were traded during mid-day trading, a decline of 72% from the average session volume of 95,329,430 shares. The stock had previously closed at $338.23.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TSLA. Guggenheim boosted their price target on shares of Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research report on Thursday, October 24th. Glj Research reissued a “sell” rating and set a $24.86 price objective on shares of Tesla in a report on Thursday, October 17th. Jefferies Financial Group increased their price objective on shares of Tesla from $195.00 to $300.00 and gave the stock a “hold” rating in a report on Thursday, November 14th. Royal Bank of Canada increased their price objective on shares of Tesla from $249.00 to $313.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Finally, Bank of America raised their target price on shares of Tesla from $265.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $231.06.

Get Our Latest Stock Report on Tesla

Tesla Stock Performance

The stock has a market cap of $1.07 trillion, a price-to-earnings ratio of 90.10, a P/E/G ratio of 11.00 and a beta of 2.29. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The company has a 50 day simple moving average of $268.52 and a 200 day simple moving average of $229.16.

Tesla (NASDAQ:TSLA – Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same period in the previous year, the business posted $0.53 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts forecast that Tesla, Inc. will post 1.99 EPS for the current year.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. This trade represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 301,187 shares of company stock worth $92,956,692 over the last ninety days. Insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

A number of institutional investors have recently modified their holdings of the company. Connable Office Inc. raised its position in shares of Tesla by 0.3% during the third quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock worth $3,368,000 after purchasing an additional 38 shares during the period. Community Bank N.A. raised its position in shares of Tesla by 4.4% during the third quarter. Community Bank N.A. now owns 908 shares of the electric vehicle producer’s stock worth $238,000 after purchasing an additional 38 shares during the period. Holistic Financial Partners raised its position in shares of Tesla by 1.0% during the third quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer’s stock worth $1,061,000 after purchasing an additional 40 shares during the period. Integris Wealth Management LLC raised its position in shares of Tesla by 1.0% during the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after purchasing an additional 42 shares during the period. Finally, Sherrill & Hutchins Financial Advisory Inc raised its position in Tesla by 1.4% in the 3rd quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock valued at $800,000 after buying an additional 43 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Company Profile

(Get Free Report)

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.

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