Tesla (NASDAQ:TSLA) Stock Price Down 0.2% – Here’s Why

Tesla, Inc. (NASDAQ:TSLA) dropped 0.2% during mid-day trading on Monday . The company traded as low as $347.65 and last traded at $351.87. Approximately 34,753,289 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 95,534,203 shares. The stock had previously closed at $352.56.

Analyst Ratings Changes

Several research analysts have commented on TSLA shares. Wedbush reaffirmed an “outperform” rating and set a $400.00 price target on shares of Tesla in a research report on Monday, November 18th. Jefferies Financial Group upped their price target on shares of Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Cantor Fitzgerald reissued a “neutral” rating and set a $245.00 price objective on shares of Tesla in a research report on Wednesday, October 23rd. Royal Bank of Canada upped their target price on shares of Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Finally, Robert W. Baird restated an “outperform” rating and issued a $280.00 price target on shares of Tesla in a research report on Tuesday, August 20th. Nine analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $231.06.

Tesla Stock Performance

The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.09 trillion, a PE ratio of 96.40, a PEG ratio of 11.45 and a beta of 2.29. The stock’s 50 day moving average price is $264.07 and its two-hundred day moving average price is $226.79.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, equities analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current year.

Insider Transactions at Tesla

In other news, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were 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 owns 85,000 shares of the company’s stock, valued at $26,727,400. This represents a 56.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the completion of the sale, the director now directly owns 5,400 shares in the company, valued at $1,868,508. This represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 301,187 shares of company stock worth $92,956,692 over the last ninety days. 20.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tesla

Large investors have recently bought and sold shares of the stock. Connable Office Inc. boosted its holdings in Tesla by 0.3% in the third quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock valued at $3,368,000 after acquiring an additional 38 shares during the last quarter. Community Bank N.A. raised its holdings in Tesla by 4.4% in the third 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 period. Holistic Financial Partners lifted its position in Tesla by 1.0% during 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 in the last quarter. Integris Wealth Management LLC grew its stake in Tesla by 1.0% during the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after buying an additional 42 shares during the period. Finally, Sherrill & Hutchins Financial Advisory Inc increased its position in shares of Tesla by 1.4% in 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 in the last quarter. Hedge funds and other 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.