Tesla (NASDAQ:TSLA) Trading Down 2.8% – What’s Next?

Tesla, Inc. (NASDAQ:TSLA)’s share price fell 2.8% during mid-day trading on Tuesday . The company traded as low as $406.31 and last traded at $414.43. 39,991,064 shares were traded during trading, a decline of 48% from the average session volume of 77,552,891 shares. The stock had previously closed at $426.50.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of recent research reports. New Street Research raised shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price objective for the company in a research note on Monday, January 6th. Canaccord Genuity Group boosted their price objective on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. HSBC reissued a “reduce” rating and set a $124.00 target price on shares of Tesla in a research report on Friday, October 11th. Bank of America lowered shares of Tesla from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $400.00 to $490.00 in a research note on Tuesday, January 7th. Finally, Truist Financial reiterated a “hold” rating and set a $360.00 price objective on shares of Tesla in a research report on Thursday, January 2nd. Nine analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $304.94.

Tesla Stock Performance

The firm’s 50 day moving average is $391.47 and its 200 day moving average is $290.05. The stock has a market cap of $1.34 trillion, a P/E ratio of 114.73, a price-to-earnings-growth ratio of 8.60 and a beta of 2.30. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 earnings per share. Analysts anticipate that Tesla, Inc. will post 2.01 EPS for the current year.

Insider Buying and Selling

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the sale, the director now owns 5,400 shares of the company’s stock, valued at $2,222,802. This trade represents a 94.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were 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 owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 621,886 shares of company stock worth $213,451,751 in the last 90 days. Insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

A number of institutional investors have recently added to or reduced their stakes in the stock. King Luther Capital Management Corp boosted its position in Tesla by 2.8% during the second quarter. King Luther Capital Management Corp now owns 6,348 shares of the electric vehicle producer’s stock worth $1,256,000 after acquiring an additional 173 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Tesla by 62.5% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 20,289 shares of the electric vehicle producer’s stock valued at $4,015,000 after purchasing an additional 7,804 shares during the last quarter. Edge Capital Group LLC purchased a new stake in shares of Tesla in the 2nd quarter valued at approximately $522,000. Cyrus J. Lawrence LLC acquired a new stake in shares of Tesla during the 2nd quarter worth approximately $82,000. Finally, Commonwealth Financial Services LLC grew its position in Tesla by 11.2% in the second quarter. Commonwealth Financial Services LLC now owns 945 shares of the electric vehicle producer’s stock worth $187,000 after acquiring an additional 95 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

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.