Tesla (NASDAQ:TSLA) Shares Down 1.2% After Earnings Miss

Shares of Tesla, Inc. (NASDAQ:TSLA) traded down 1.2% on Tuesday following a weaker than expected earnings announcement. The company traded as low as $247.70 and last traded at $248.59. 32,600,891 shares were traded during mid-day trading, a decline of 67% from the average session volume of 100,199,336 shares. The stock had previously closed at $251.51.

The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.68% and a net margin of 13.00%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TSLA. The Goldman Sachs Group decreased their price objective on Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday. JPMorgan Chase & Co. reduced their target price on Tesla from $130.00 to $115.00 and set an “underweight” rating for the company in a research note on Wednesday, April 3rd. KGI Securities restated a “neutral” rating and issued a $236.00 target price on shares of Tesla in a research note on Thursday. Roth Mkm restated a “neutral” rating and issued a $85.00 target price on shares of Tesla in a research note on Wednesday. Finally, Royal Bank of Canada reduced their target price on Tesla from $293.00 to $227.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus price target of $201.75.

Insider Activity

In other news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the sale, the director now directly owns 15,000 shares in the company, valued at approximately $2,772,900. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Institutional Trading of Tesla

Institutional investors have recently added to or reduced their stakes in the stock. Lam Group Inc. acquired a new stake in Tesla in the 4th quarter valued at approximately $25,000. Bank & Trust Co acquired a new stake in Tesla in the 2nd quarter valued at approximately $25,000. Mendota Financial Group LLC increased its holdings in Tesla by 202.2% in the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock valued at $34,000 after purchasing an additional 91 shares during the last quarter. OLD Point Trust & Financial Services N A acquired a new stake in Tesla in the 4th quarter valued at approximately $37,000. Finally, Guardian Wealth Management Inc. acquired a new stake in Tesla in the 4th quarter valued at approximately $47,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Trading Up 2.0 %

The company’s 50 day simple moving average is $203.92 and its 200 day simple moving average is $191.17. The firm has a market cap of $702.42 billion, a price-to-earnings ratio of 56.19, a P/E/G ratio of 6.15 and a beta of 2.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.17.

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.