Tesla (NASDAQ:TSLA) Stock Price Down 3.7% – Here’s What Happened

by · The Markets Daily

Tesla, Inc. (NASDAQ:TSLA – Get Free Report)’s stock price was down 3.7% during mid-day trading on Friday . The stock traded as low as $426.50 and last traded at $437.23. Approximately 33,652,819 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 94,838,969 shares. The stock had previously closed at $454.13.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Bank of America upped their target price on shares of Tesla from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Mizuho raised shares of Tesla from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $230.00 to $515.00 in a research report on Tuesday, December 17th. Guggenheim lifted their target price on Tesla from $156.00 to $175.00 and gave the stock a “sell” rating in a research report on Thursday, December 5th. Truist Financial increased their price target on Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Finally, Canaccord Genuity Group upped their target price on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Nine equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $272.06.

View Our Latest Analysis on TSLA

Tesla Stock Down 4.6 %

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 firm’s 50 day simple moving average is $341.45 and its 200 day simple moving average is $263.58. The company has a market cap of $1.39 trillion, a price-to-earnings ratio of 118.66, a price-to-earnings-growth ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA – Get Free Report) last announced its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating 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 firm had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the previous year, the business earned $0.53 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. Sell-side analysts anticipate that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

Insider Activity at Tesla

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $352.54, for a total value of $35,254,000.00. Following the completion of the sale, the director now owns 5,400 shares in the company, valued at $1,903,716. This represents a 94.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 514,886 shares of company stock worth $169,393,831 in the last 90 days. Corporate insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

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

About Tesla

(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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