Tesla (NASDAQ:TSLA) Stock Price Down 1.8% - Here's What Happened

Tesla, Inc. (NASDAQ:TSLA - Get Free Report) traded down 1.8% during mid-day trading on Tuesday . The company traded as low as $386.50 and last traded at $390.10. 17,278,368 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 72,147,977 shares. The stock had previously closed at $397.15.

Wall Street Analysts Forecast Growth

Several research analysts have commented on TSLA shares. Glj Research reaffirmed a "sell" rating and set a $24.86 price target on shares of Tesla in a research report on Friday, January 3rd. Cantor Fitzgerald reiterated a "neutral" rating and issued a $365.00 price target on shares of Tesla in a research report on Wednesday. Piper Sandler raised their price objective on shares of Tesla from $315.00 to $500.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 21st. StockNews.com cut shares of Tesla from a "hold" rating to a "sell" rating in a report on Friday. Finally, HSBC restated a "reduce" rating and issued a $124.00 price target on shares of Tesla in a research report on Friday, October 11th. Nine equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tesla has a consensus rating of "Hold" and a consensus target price of $318.31.

Tesla Trading Up 1.1 %

The firm has a market cap of $1.30 trillion, a price-to-earnings ratio of 198.33, a price-to-earnings-growth ratio of 8.08 and a beta of 2.30. The business has a 50 day moving average of $404.22 and a 200 day moving average of $299.34. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.54% and a net margin of 7.26%. On average, research analysts forecast that Tesla, Inc. will post 2.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 7,000 shares of the company's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at $45,063,565.40. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $346.02, for a total value of $34,602,000.00. Following the completion of the transaction, 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. Over the last three months, insiders have sold 553,386 shares of company stock valued at $196,305,796. Insiders own 20.70% of the company's stock.

Hedge Funds Weigh In On Tesla

Hedge funds and other institutional investors have recently made changes to their positions in the business. Transcendent Capital Group LLC acquired a new stake in shares of Tesla in the third quarter valued at about $29,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Tesla during the fourth quarter valued at approximately $46,000. PayPay Securities Corp boosted its stake in shares of Tesla by 130.2% in the fourth quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer's stock valued at $49,000 after purchasing an additional 69 shares during the period. Clean Yield Group grew its holdings in Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer's stock valued at $33,000 after purchasing an additional 48 shares in the last quarter. Finally, Peterson Financial Group Inc. purchased a new stake in Tesla during the 3rd quarter worth $35,000. 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.