Tesla (NASDAQ:TSLA) Shares Down 3.3% – What’s Next?

Tesla, Inc. (NASDAQ:TSLA)’s share price fell 3.3% during mid-day trading on Wednesday . The stock traded as low as $402.54 and last traded at $403.84. 76,213,586 shares changed hands during trading, a decline of 20% from the average session volume of 94,854,445 shares. The stock had previously closed at $417.41.

Analyst Ratings Changes

Several brokerages have recently commented on TSLA. Canaccord Genuity Group boosted their target price on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research note on Tuesday, October 8th. Phillip Securities cut shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a research note on Wednesday, November 13th. StockNews.com upgraded Tesla from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Royal Bank of Canada lifted their price objective on Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Nine investment 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $275.75.

Tesla Price Performance

The company has a 50 day moving average of $359.54 and a 200 day moving average of $271.59. 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 cap of $1.22 trillion, a price-to-earnings ratio of 103.91, a P/E/G ratio of 10.80 and a beta of 2.36.

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

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $374.21, for a total value of $975,191.26. Following the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at $40,775,792.65. The trade was a 2.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kimbal Musk sold 60,500 shares of Tesla stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $250.23, for a total value of $15,138,915.00. Following the completion of the sale, the director now directly owns 1,563,220 shares in the company, valued at approximately $391,164,540.60. This represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 514,886 shares of company stock worth $169,393,831 over the last quarter. 20.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TSLA. International Assets Investment Management LLC boosted its stake in shares of Tesla by 35,611.2% during the 3rd quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after buying an additional 11,023,436 shares during the last quarter. Clean Energy Transition LLP boosted its position in Tesla by 347.7% during the second quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock valued at $953,505,000 after purchasing an additional 6,764,300 shares during the last quarter. Strategic Financial Concepts LLC grew its stake in Tesla by 21,816.0% in the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after purchasing an additional 5,875,484 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Tesla by 13.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after purchasing an additional 2,946,763 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Tesla by 52.0% during the 3rd quarter. Wellington Management Group LLP now owns 7,344,526 shares of the electric vehicle producer’s stock worth $1,921,548,000 after purchasing an additional 2,511,488 shares in the last quarter. Institutional investors 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.