Tesla (NASDAQ:TSLA) Trading Down 0.8% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA)’s share price was down 0.8% during mid-day trading on Thursday . The stock traded as low as $451.90 and last traded at $458.74. Approximately 32,416,241 shares traded hands during trading, a decline of 66% from the average daily volume of 94,912,625 shares. The stock had previously closed at $462.28.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TSLA shares. Canaccord Genuity Group boosted their price objective on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Phillip Securities cut Tesla from a “moderate sell” rating to a “strong sell” rating in a report on Wednesday, November 13th. Piper Sandler upped their target price on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Barclays raised their price target on Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Cantor Fitzgerald increased their price objective on shares of Tesla from $255.00 to $365.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Nine investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $272.06.

Tesla Trading Down 1.3 %

The firm’s 50 day simple moving average is $336.79 and its two-hundred day simple moving average is $262.25. 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 stock has a market cap of $1.46 trillion, a P/E ratio of 125.01, a price-to-earnings-growth ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. Tesla’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the company posted $0.53 earnings per share. As a group, equities research analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $374.21, for a total value of $975,191.26. Following the completion of the transaction, the chief financial officer now owns 108,965 shares in the company, valued at $40,775,792.65. This represents a 2.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $352.54, for a total transaction of $35,254,000.00. Following the completion of the transaction, the director now owns 5,400 shares of the company’s stock, valued at $1,903,716. This trade represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 514,886 shares of company stock worth $169,393,831. 20.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Tesla

A number of hedge funds have recently modified their holdings of the stock. Valley Wealth Managers Inc. acquired a new stake in Tesla during the 2nd quarter valued at $26,000. Abich Financial Wealth Management LLC raised its position in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares during the period. Transcendent Capital Group LLC purchased a new stake in Tesla in the 3rd quarter worth about $29,000. Clean Yield Group boosted its position in Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after acquiring an additional 48 shares during the period. Finally, Peterson Financial Group Inc. acquired a new position in shares of Tesla in the 3rd quarter valued at about $35,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.