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

Tesla, Inc. (NASDAQ:TSLA)’s share price fell 3.5% during trading on Thursday . The stock traded as low as $435.09 and last traded at $445.91. 102,764,959 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 101,069,930 shares. The stock had previously closed at $462.07.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Industrial Alliance Securities set a $300.00 price objective on Tesla in a research note on Monday, October 13th. Cantor Fitzgerald set a $510.00 price objective on Tesla and gave the company an “overweight” rating in a research report on Thursday, October 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Tesla in a research note on Thursday, October 30th. Baird R W raised Tesla from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. Finally, Piper Sandler increased their price target on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and eleven have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $391.08.

Tesla Trading Down 3.5%

The firm has a market capitalization of $1.48 trillion, a P/E ratio of 297.27, a PEG ratio of 16.84 and a beta of 2.08. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The firm has a 50 day moving average of $417.05 and a 200-day moving average of $352.68.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same period in the prior year, the business posted $0.72 earnings per share. Tesla’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the sale, the director directly owned 637,031 shares in the company, valued at $269,260,263.08. The trade was a 8.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 202,606 shares of company stock valued at $75,588,902. Insiders own 19.90% of the company’s stock.

Institutional Trading of Tesla

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSLA. Siren L.L.C. purchased a new stake in shares of Tesla in the 1st quarter valued at approximately $2,332,000. Zuckerman Investment Group LLC grew its stake in shares of Tesla by 6.9% in the 1st quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock valued at $3,304,000 after buying an additional 826 shares during the period. Keystone Global Partners LLC purchased a new stake in shares of Tesla in the 1st quarter valued at approximately $594,000. Strs Ohio purchased a new stake in shares of Tesla in the 1st quarter valued at approximately $205,495,000. Finally, AustralianSuper Pty Ltd grew its stake in shares of Tesla by 1,823.0% in the 2nd quarter. AustralianSuper Pty Ltd now owns 68,325 shares of the electric vehicle producer’s stock valued at $21,704,000 after buying an additional 64,772 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

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.