Tesla (NASDAQ:TSLA) Shares Down 0.9% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA)’s stock price dropped 0.9% during trading on Wednesday . The stock traded as low as $215.39 and last traded at $215.97. Approximately 17,841,663 shares changed hands during trading, a decline of 81% from the average daily volume of 93,502,570 shares. The stock had previously closed at $217.97.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Argus reaffirmed a “buy” rating and set a $286.00 target price on shares of Tesla in a research note on Friday, July 26th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $120.00 price objective on shares of Tesla in a research report on Thursday, October 3rd. Guggenheim lifted their price objective on Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research note on Thursday. StockNews.com raised Tesla from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their price target on Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a research report on Thursday. Eight analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $218.18.

Tesla Stock Up 21.9 %

The company has a 50-day moving average of $228.54 and a two-hundred day moving average of $206.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The company has a market capitalization of $832.14 billion, a PE ratio of 73.17, a P/E/G ratio of 6.24 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted 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. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.53 EPS. Sell-side analysts anticipate that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on 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 completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank & Trust Co purchased a new stake in Tesla in the 2nd quarter worth $25,000. Clean Yield Group increased its holdings in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares during the last quarter. Abich Financial Wealth Management LLC lifted its position in shares of Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares in the last quarter. Valley Wealth Managers Inc. bought a new position in Tesla during the second quarter valued at approximately $26,000. Finally, M&R Capital Management Inc. grew its holdings in Tesla by 263.2% during the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after buying an additional 100 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

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.