Tesla (NASDAQ:TSLA) Trading Down 4.6% – Should You Sell?

by · The Markets Daily

Tesla, Inc. (NASDAQ:TSLA – Get Free Report) traded down 4.6% during trading on Wednesday . The company traded as low as $466.20 and last traded at $467.26. 105,010,046 shares were traded during mid-day trading, an increase of 6% from the average session volume of 98,809,813 shares. The stock had previously closed at $489.88.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TSLA. Benchmark reissued a “buy” rating on shares of Tesla in a report on Thursday, October 23rd. Roth Capital set a $505.00 price target on Tesla and gave the company a “buy” rating in a research note on Thursday, October 23rd. William Blair restated a “market perform” rating on shares of Tesla in a research note on Friday, September 5th. Piper Sandler reiterated an “overweight” rating and set a $500.00 target price on shares of Tesla in a research report on Tuesday, December 9th. Finally, Wall Street Zen raised Tesla from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, fourteen have issued a Hold rating and nine have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $400.86.

Read Our Latest Report on TSLA

Tesla Trading Down 4.6%

The firm has a 50-day moving average of $437.09 and a two-hundred day moving average of $378.24. The firm has a market capitalization of $1.55 trillion, a P/E ratio of 311.47, a P/E/G ratio of 11.88 and a beta of 1.87. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, topping the consensus estimate of $0.48 by $0.02. The firm had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.72 earnings per share. On average, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity at Tesla

In other news, Director Kimbal Musk sold 56,820 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $450.66, for a total transaction of $25,606,501.20. Following the completion of the transaction, the director directly owned 1,391,615 shares in the company, valued at approximately $627,145,215.90. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,637 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $443.93, for a total value of $1,170,643.41. Following the sale, the chief financial officer directly owned 13,757 shares in the company, valued at approximately $6,107,145.01. This trade represents a 16.09% decrease in their position. The SEC filing for this sale provides additional information. 19.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tesla

Large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Tesla during the second quarter worth approximately $11,839,824,000. Kingstone Capital Partners Texas LLC boosted its holdings in shares of Tesla by 581,880.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock worth $2,044,683,000 after buying an additional 6,435,598 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Tesla by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer’s stock worth $79,856,764,000 after buying an additional 4,502,976 shares during the period. Amundi increased its stake in shares of Tesla by 29.4% in the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock valued at $4,482,789,000 after acquiring an additional 3,814,610 shares in the last quarter. Finally, Holocene Advisors LP lifted its position in shares of Tesla by 132.2% during the 3rd quarter. Holocene Advisors LP now owns 6,157,000 shares of the electric vehicle producer’s stock valued at $2,738,141,000 after acquiring an additional 3,505,000 shares during the period. 66.20% of the stock is currently owned by institutional investors.

About Tesla

(Get Free Report)

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.

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