Tesla (NASDAQ:TSLA) Shares Down 6.5% Following Insider Selling

Tesla, Inc. (NASDAQ:TSLA)’s stock price fell 6.5% on Thursday after an insider sold shares in the company. The company traded as low as $252.80 and last traded at $254.47. 49,477,834 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 95,194,686 shares. The stock had previously closed at $272.20.

Specifically, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares of the company’s stock, valued at $6,737,500. This represents a 12.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Tesla from $420.00 to $345.00 and set a “buy” rating for the company in a research note on Friday, March 28th. StockNews.com downgraded shares of Tesla from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $425.00 target price on shares of Tesla in a report on Thursday, April 3rd. Guggenheim lowered their price target on Tesla from $175.00 to $170.00 and set a “sell” rating on the stock in a research report on Wednesday, March 12th. Finally, Robert W. Baird cut their price objective on Tesla from $440.00 to $370.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. Eight investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $299.68.

Tesla Price Performance

The firm has a market capitalization of $803.63 billion, a P/E ratio of 123.74, a PEG ratio of 5.86 and a beta of 2.58. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $290.62 and its 200-day moving average is $323.14.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Tesla

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hengehold Capital Management LLC increased its holdings in 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 purchasing an additional 24 shares in the last quarter. Strategic Investment Advisors MI lifted its holdings in shares of Tesla by 0.3% during the fourth quarter. Strategic Investment Advisors MI now owns 6,990 shares of the electric vehicle producer’s stock worth $2,823,000 after purchasing an additional 24 shares during the period. Acropolis Investment Management LLC increased its holdings in Tesla by 0.9% in the fourth quarter. Acropolis Investment Management LLC now owns 2,814 shares of the electric vehicle producer’s stock valued at $1,136,000 after purchasing an additional 25 shares during the period. Mount Vernon Associates Inc. MD grew 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 valued at $2,950,000 after buying an additional 25 shares during the last quarter. Finally, Vista Finance LLC raised its position in shares of Tesla by 0.7% during the fourth quarter. Vista Finance LLC now owns 3,510 shares of the electric vehicle producer’s stock worth $1,417,000 after acquiring an additional 25 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

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.