Tesla (NASDAQ:TSLA) Stock Price Down 0.9% - Here's What Happened

Tesla, Inc. (NASDAQ:TSLA - Get Free Report)'s stock price dropped 0.9% during trading on Wednesday . The company traded as low as $215.39 and last traded at $215.97. Approximately 17,841,663 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 93,502,570 shares. The stock had previously closed at $217.97.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Robert W. Baird reissued an "outperform" rating and set a $280.00 price target on shares of Tesla in a report on Tuesday, August 20th. HSBC reissued a "reduce" rating and issued a $124.00 target price on shares of Tesla in a report on Friday, October 11th. KGI Securities reaffirmed a "neutral" rating and set a $236.00 price target on shares of Tesla in a report on Thursday, July 25th. Oppenheimer restated a "market perform" rating on shares of Tesla in a research report on Tuesday, October 8th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $230.00 target price on shares of Tesla in a report on Friday, October 11th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and a consensus price target of $211.63.

Tesla Price Performance

The company has a 50-day moving average of $228.54 and a two-hundred day moving average of $206.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The stock has a market capitalization of $681.37 billion, a PE ratio of 54.50, a P/E/G ratio of 6.31 and a beta of 2.29.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. During the same period in the prior year, the business posted $0.78 earnings per share. Tesla's revenue was up 2.3% on a year-over-year basis. Sell-side analysts predict that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, Director Robyn M. Denholm sold 66,364 shares of the company's stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now directly owns 85,000 shares in the company, valued at $18,696,600. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Robyn M. Denholm sold 66,364 shares of the business's stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,661 shares of company stock worth $16,663,291 in the last quarter. 25.10% of the stock is owned by insiders.

Institutional Trading of Tesla

Several large investors have recently added to or reduced their stakes in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Tesla by 60.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer's stock worth $108,638,000 after buying an additional 206,248 shares during the period. Morse Asset Management Inc boosted its holdings in Tesla by 138.1% in the second quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer's stock valued at $1,181,000 after purchasing an additional 3,462 shares during the last quarter. NewEdge Advisors LLC grew its stake in Tesla by 12.9% during the 2nd quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer's stock valued at $46,858,000 after purchasing an additional 27,130 shares in the last quarter. Entropy Technologies LP purchased a new stake in Tesla during the 1st quarter worth approximately $1,941,000. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Tesla in the 1st quarter valued at approximately $79,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.