Tesla (NASDAQ:TSLA) Shares Down 1.2% – Here’s Why

Tesla, Inc. (NASDAQ:TSLA)’s share price fell 1.2% during mid-day trading on Thursday . The company traded as low as $335.28 and last traded at $338.08. 26,280,305 shares traded hands during trading, a decline of 73% from the average session volume of 95,691,031 shares. The stock had previously closed at $342.03.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TSLA. Guggenheim increased their price target on shares of Tesla from $153.00 to $156.00 and gave the stock a “sell” rating in a research note on Thursday, October 24th. HSBC reiterated a “reduce” rating and issued a $124.00 price objective on shares of Tesla in a report on Friday, October 11th. Phillip Securities downgraded shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a research report on Wednesday, November 13th. Barclays lifted their target price on shares of Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. boosted their target price on Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $230.18.

Tesla Stock Up 3.8 %

The company has a fifty day simple moving average of $264.07 and a 200-day simple moving average of $226.09. 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 cap of $1.13 trillion, a P/E ratio of 96.59, a price-to-earnings-growth ratio of 11.03 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last issued its 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 net margin of 13.07% and a return on equity of 10.24%. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the prior year, the firm posted $0.53 EPS. Tesla’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities analysts anticipate that Tesla, Inc. will post 1.99 earnings per share for the current year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, November 11th. The shares were sold at an average price of $350.00, for a total value of $1,400,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $36,761,200. This trade represents a 3.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $314.44, for a total value of $35,339,911.60. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $26,727,400. This represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 301,187 shares of company stock valued at $92,956,692. Corporate insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

Institutional investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. lifted its holdings in shares of Tesla by 1.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 144,482 shares of the electric vehicle producer’s stock worth $37,801,000 after acquiring an additional 1,741 shares during the last quarter. Tyler Stone Wealth Management raised its holdings in shares of Tesla by 109.6% in the third quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer’s stock worth $2,466,000 after buying an additional 4,929 shares during the period. Savvy Advisors Inc. lifted its stake in shares of Tesla by 24.2% during the 3rd quarter. Savvy Advisors Inc. now owns 7,527 shares of the electric vehicle producer’s stock worth $1,969,000 after acquiring an additional 1,467 shares during the last quarter. ICICI Prudential Asset Management Co Ltd boosted its holdings in Tesla by 19.0% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 24,440 shares of the electric vehicle producer’s stock valued at $6,394,000 after acquiring an additional 3,909 shares during the period. Finally, Blackhawk Capital Partners LLC. increased its stake in Tesla by 102.0% in the third quarter. Blackhawk Capital Partners LLC. now owns 5,598 shares of the electric vehicle producer’s stock worth $1,465,000 after purchasing an additional 2,827 shares during the period. 66.20% of the stock is owned by 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.