Tesla (NASDAQ:TSLA) Trading Down 3.4% – Here’s Why

Tesla, Inc. (NASDAQ:TSLA) shares traded down 3.4% on Tuesday . The stock traded as low as $391.20 and last traded at $397.15. 33,351,793 shares were traded during trading, a decline of 58% from the average session volume of 79,524,617 shares. The stock had previously closed at $411.05.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Truist Financial reiterated a “hold” rating and set a $360.00 price target on shares of Tesla in a research report on Thursday, January 2nd. Mizuho upgraded Tesla from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $230.00 to $515.00 in a research report on Tuesday, December 17th. JPMorgan Chase & Co. raised their price target on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Guggenheim boosted their price objective on shares of Tesla from $156.00 to $175.00 and gave the stock a “sell” rating in a research report on Thursday, December 5th. Finally, Jefferies Financial Group raised their target price on shares of Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a report on Thursday, November 14th. Nine analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average price target of $295.69.

Tesla Stock Down 4.0 %

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 50 day moving average price of $365.34 and a two-hundred day moving average price of $276.00. The company has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 108.15, a P/E/G ratio of 10.80 and a beta of 2.30.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.58 by $0.14. The company had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 EPS. As a group, sell-side analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current year.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at $26,727,400. This represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 514,886 shares of company stock worth $169,393,831. 20.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tesla

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Connable Office Inc. grew its stake in shares of Tesla by 0.3% in the third quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock worth $3,368,000 after purchasing an additional 38 shares during the last quarter. Community Bank N.A. grew its position in shares of Tesla by 4.4% in the 3rd quarter. Community Bank N.A. now owns 908 shares of the electric vehicle producer’s stock valued at $238,000 after buying an additional 38 shares during the last quarter. Holistic Financial Partners increased its stake in shares of Tesla by 1.0% in the third quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer’s stock valued at $1,061,000 after buying an additional 40 shares during the period. Sherrill & Hutchins Financial Advisory Inc raised its position in shares of Tesla by 1.4% during the third quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock worth $800,000 after acquiring an additional 43 shares during the last quarter. Finally, Altman Advisors Inc. boosted its holdings in Tesla by 0.4% in the third quarter. Altman Advisors Inc. now owns 10,754 shares of the electric vehicle producer’s stock valued at $2,814,000 after acquiring an additional 43 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.