Tesla (NASDAQ:TSLA) Stock Price Down 1.1% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA) dropped 1.1% on Thursday . The stock traded as low as $252.65 and last traded at $254.66. Approximately 19,520,184 shares were traded during trading, a decline of 79% from the average daily volume of 94,129,547 shares. The stock had previously closed at $257.55.

Wall Street Analyst Weigh In

TSLA has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Mizuho increased their target price on Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Wolfe Research started coverage on Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Canaccord Genuity Group raised their price objective on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Guggenheim increased their target price on Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research note on Thursday, October 24th. Eight research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $219.45.

Tesla Trading Down 0.3 %

The business’s 50 day moving average is $234.14 and its two-hundred day moving average is $210.39. 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 has a market capitalization of $799.24 billion, a P/E ratio of 68.21, a PEG ratio of 8.24 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business 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 earned $0.53 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. Analysts expect that Tesla, Inc. will post 1.96 EPS for the current year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,297 shares of company stock worth $3,065,866 over the last ninety days. 20.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tesla

A number of institutional investors have recently bought and sold shares of the stock. Ted Buchan & Co increased its stake in Tesla by 6.8% in the 3rd quarter. Ted Buchan & Co now owns 1,659 shares of the electric vehicle producer’s stock worth $434,000 after purchasing an additional 105 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in Tesla during the 3rd quarter worth about $29,000. Privium Fund Management B.V. boosted its position in Tesla by 1.4% during the 3rd quarter. Privium Fund Management B.V. now owns 216,000 shares of the electric vehicle producer’s stock worth $56,407,000 after acquiring an additional 3,000 shares during the period. Mach 1 Financial Group LLC boosted its position in Tesla by 3.4% during the 3rd quarter. Mach 1 Financial Group LLC now owns 2,471 shares of the electric vehicle producer’s stock worth $646,000 after acquiring an additional 81 shares during the period. Finally, XML Financial LLC boosted its position in Tesla by 1.0% during the 3rd quarter. XML Financial LLC now owns 6,023 shares of the electric vehicle producer’s stock worth $1,576,000 after acquiring an additional 59 shares during the period. Hedge funds and other institutional investors 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.