Tesla (NASDAQ:TSLA) Stock Price Down 1.8% – Here’s Why

Tesla, Inc. (NASDAQ:TSLA)’s stock price dropped 1.8% during mid-day trading on Tuesday . The stock traded as low as $335.57 and last traded at $343.70. Approximately 55,251,992 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 95,237,930 shares. The stock had previously closed at $350.00.

Analyst Ratings Changes

A number of research firms have weighed in on TSLA. Truist Financial lifted their price objective on Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Roth Mkm reissued a “neutral” rating and issued a $85.00 price target on shares of Tesla in a report on Friday, October 11th. New Street Research lowered shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 target price for the company. in a research note on Wednesday, July 24th. Phillip Securities raised shares of Tesla to a “moderate sell” rating in a research report on Friday, October 25th. Finally, Jefferies Financial Group upped their price target on shares of Tesla from $165.00 to $195.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average price target of $225.06.

Tesla Trading Down 6.1 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The company has a market cap of $1.05 trillion, a P/E ratio of 94.16, a P/E/G ratio of 10.59 and a beta of 2.29. The stock’s 50-day moving average is $243.90 and its two-hundred day moving average is $217.03.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping 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 firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same period in the previous year, the company earned $0.53 EPS. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, equities research analysts predict that Tesla, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,442,856.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at $26,442,856.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,797 shares of company stock worth $19,211,821 in the last three months. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. increased its holdings in shares of Tesla by 0.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 36,399 shares of the electric vehicle producer’s stock valued at $6,399,000 after purchasing an additional 331 shares during the period. Entropy Technologies LP purchased a new position in Tesla during the 1st quarter worth approximately $1,941,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Tesla by 2.7% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,711,536 shares of the electric vehicle producer’s stock worth $300,870,000 after purchasing an additional 44,817 shares in the last quarter. Koshinski Asset Management Inc. grew its position in Tesla by 139.7% during the 1st quarter. Koshinski Asset Management Inc. now owns 25,098 shares of the electric vehicle producer’s stock worth $4,412,000 after purchasing an additional 14,626 shares in the last quarter. Finally, New Insight Wealth Advisors grew its position in Tesla by 0.3% during the 1st quarter. New Insight Wealth Advisors now owns 32,919 shares of the electric vehicle producer’s stock worth $5,787,000 after purchasing an additional 90 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

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.