Tesla (NASDAQ:TSLA) Shares Down 3.2% – Here’s Why

Tesla, Inc. (NASDAQ:TSLAGet Free Report)’s share price fell 3.2% on Thursday . The stock traded as low as $378.73 and last traded at $380.30. 66,605,827 shares changed hands during trading, an increase of 9% from the average session volume of 60,867,492 shares. The stock had previously closed at $392.78.

Key Headlines Impacting Tesla

Here are the key news stories impacting Tesla this week:

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. President Capital lowered their price objective on Tesla from $517.00 to $500.00 and set a “buy” rating for the company in a research note on Friday, January 30th. UBS Group upped their target price on Tesla from $307.00 to $352.00 and gave the company a “sell” rating in a research report on Thursday, January 29th. Benchmark restated a “buy” rating on shares of Tesla in a research note on Wednesday, February 11th. New Street Research upped their price target on shares of Tesla from $520.00 to $600.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Finally, Barclays reiterated a “neutral” rating on shares of Tesla in a research note on Wednesday, March 4th. Nineteen research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and nine have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $406.84.

Read Our Latest Analysis on Tesla

Tesla Stock Down 3.2%

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.16 and a quick ratio of 1.77. The stock has a market capitalization of $1.43 trillion, a P/E ratio of 352.07, a PEG ratio of 11.81 and a beta of 1.89. The stock’s fifty day moving average is $417.41 and its two-hundred day moving average is $426.59.

Tesla (NASDAQ:TSLAGet Free Report) last released its quarterly earnings results on Wednesday, January 28th. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.05. The business had revenue of $24.90 billion for the quarter, compared to analyst estimates of $24.75 billion. Tesla had a net margin of 4.00% and a return on equity of 4.86%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.73 earnings per share. As a group, research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, Director Kathleen Wilson-Thompson sold 25,731 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $415.56, for a total transaction of $10,692,774.36. Following the transaction, the director directly owned 19,669 shares of the company’s stock, valued at approximately $8,173,649.64. The trade was a 56.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $445.40, for a total transaction of $26,724,000.00. Following the transaction, the director directly owned 577,031 shares in the company, valued at approximately $257,009,607.40. The trade was a 9.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 87,995 shares of company stock valued at $38,315,650 in the last 90 days. 19.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tesla

Hedge funds have recently made changes to their positions in the business. Narwhal Capital Management lifted its holdings in Tesla by 32.8% during the 3rd quarter. Narwhal Capital Management now owns 9,516 shares of the electric vehicle producer’s stock valued at $4,232,000 after purchasing an additional 2,350 shares during the last quarter. Gamco Investors INC. ET AL increased its holdings in shares of Tesla by 29.6% in the third quarter. Gamco Investors INC. ET AL now owns 32,576 shares of the electric vehicle producer’s stock valued at $14,487,000 after purchasing an additional 7,446 shares during the last quarter. Norges Bank bought a new position in shares of Tesla in the second quarter valued at about $11,839,824,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Tesla by 8.8% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 48,504 shares of the electric vehicle producer’s stock worth $21,571,000 after buying an additional 3,935 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC boosted its holdings in shares of Tesla by 26.0% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 18,032 shares of the electric vehicle producer’s stock worth $8,019,000 after buying an additional 3,724 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Company Profile

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Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean?energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla’s automotive business includes a lineup of battery?electric vehicles and related services.

Further Reading

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