Tesla (NASDAQ:TSLA) Trading Down 0.7% – Here’s Why

Tesla, Inc. (NASDAQ:TSLA) shares were down 0.7% during trading on Thursday . The stock traded as low as $217.90 and last traded at $219.76. Approximately 18,017,395 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 94,426,258 shares. The stock had previously closed at $221.33.

Wall Street Analysts Forecast Growth

Several analysts have commented on TSLA shares. China Renaissance upgraded Tesla from a “hold” rating to a “buy” rating and set a $290.00 price target for the company in a report on Friday, July 5th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Friday, October 11th. New Street Research cut Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price target for the company. in a report on Wednesday, July 24th. UBS Group lowered Tesla from a “neutral” rating to a “sell” rating and lifted their price objective for the company from $147.00 to $197.00 in a research note on Friday, July 12th. Finally, Roth Mkm reaffirmed a “neutral” rating and issued a $85.00 price objective on shares of Tesla in a research note on Friday, October 11th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and an average price target of $210.72.

Tesla Stock Down 0.5 %

The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average of $226.81 and a 200-day moving average of $204.69. The firm has a market cap of $703.68 billion, a price-to-earnings ratio of 61.78, a price-to-earnings-growth ratio of 5.94 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.78 EPS. As a group, sell-side analysts forecast that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of the 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 of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,661 shares of company stock valued at $16,663,291. Insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

Institutional investors have recently added to or reduced their stakes in the company. Sax Wealth Advisors LLC lifted its holdings in shares of Tesla by 31.9% in the third quarter. Sax Wealth Advisors LLC now owns 2,569 shares of the electric vehicle producer’s stock valued at $672,000 after buying an additional 622 shares during the period. DiNuzzo Private Wealth Inc. lifted its holdings in Tesla by 818.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 762 shares of the electric vehicle producer’s stock valued at $199,000 after acquiring an additional 679 shares during the last quarter. Onyx Bridge Wealth Group LLC boosted its position in shares of Tesla by 2.8% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 7,705 shares of the electric vehicle producer’s stock valued at $2,016,000 after purchasing an additional 209 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Tesla by 4.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 324,754 shares of the electric vehicle producer’s stock worth $84,965,000 after purchasing an additional 13,764 shares during the last quarter. Finally, Bar Harbor Wealth Management bought a new stake in shares of Tesla in the 3rd quarter worth approximately $238,000. 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.