Tesla (NASDAQ:TSLA) Stock Price Down 3.5% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA)’s share price was down 3.5% during mid-day trading on Wednesday . The stock traded as low as $272.59 and last traded at $278.19. Approximately 51,663,422 shares were traded during trading, a decline of 44% from the average daily volume of 91,657,482 shares. The stock had previously closed at $288.14.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TSLA. Roth Mkm raised shares of Tesla from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $380.00 in a research report on Monday, December 2nd. The Goldman Sachs Group reaffirmed a “cautious” rating on shares of Tesla in a research report on Monday, March 3rd. Cantor Fitzgerald raised Tesla from a “neutral” rating to an “overweight” rating and set a $425.00 price target on the stock in a report on Wednesday, March 19th. Piper Sandler decreased their price target on Tesla from $500.00 to $450.00 and set an “overweight” rating for the company in a research note on Thursday, March 20th. Finally, Wells Fargo & Company decreased their target price on shares of Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a research report on Friday, March 14th. Nine analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Tesla currently has an average rating of “Hold” and an average target price of $318.93.

Tesla Price Performance

The stock has a market capitalization of $879.98 billion, a P/E ratio of 134.30, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. The business has a fifty day simple moving average of $330.52 and a 200 day simple moving average of $322.04. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. On average, analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the completion of the transaction, the director now owns 5,400 shares of the company’s stock, valued at approximately $2,222,802. The trade was a 94.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 54,776 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the completion of the transaction, the director now directly owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. This represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 477,228 shares of company stock valued at $166,849,043 in the last 90 days. 20.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tesla

A number of large investors have recently bought and sold shares of the stock. Hengehold Capital Management LLC grew its position in shares of Tesla by 1.8% in the 4th quarter. Hengehold Capital Management LLC now owns 1,347 shares of the electric vehicle producer’s stock worth $544,000 after buying an additional 24 shares during the last quarter. Strategic Investment Advisors MI increased its position in Tesla by 0.3% during the 4th quarter. Strategic Investment Advisors MI now owns 6,990 shares of the electric vehicle producer’s stock valued at $2,823,000 after purchasing an additional 24 shares during the period. Acropolis Investment Management LLC raised its holdings in Tesla by 0.9% in the 4th quarter. Acropolis Investment Management LLC now owns 2,814 shares of the electric vehicle producer’s stock worth $1,136,000 after purchasing an additional 25 shares in the last quarter. Mount Vernon Associates Inc. MD lifted its position in shares of Tesla by 0.3% in the 4th quarter. Mount Vernon Associates Inc. MD now owns 7,305 shares of the electric vehicle producer’s stock worth $2,950,000 after purchasing an additional 25 shares during the period. Finally, Vista Finance LLC boosted its stake in shares of Tesla by 0.7% during the 4th quarter. Vista Finance LLC now owns 3,510 shares of the electric vehicle producer’s stock valued at $1,417,000 after purchasing an additional 25 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

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.