Tesla (NASDAQ:TSLA) Stock Price Down 1.8% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA) fell 1.8% during trading on Monday . The stock traded as low as $357.04 and last traded at $358.97. 32,106,914 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 52,947,496 shares. The stock had previously closed at $365.44.

Key Tesla News

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Tesla reported a formal expansion into Vietnam through a newly registered subsidiary authorized to import, distribute and sell vehicles. The move opens a potential Southeast Asian growth market, although execution and local competition remain important risks. Reuters article
• Positive Sentiment: Tesla’s U.S. EV share reportedly recovered to about 52% through August as Ford and other traditional automakers reduced their EV efforts. However, Tesla’s own sales were still lower year over year, suggesting the share gain partly reflects industry retrenchment rather than accelerating demand. Wall Street Journal article
• Positive Sentiment: Tesla confirmed an October 1 unveiling for its long-delayed next-generation Roadster. Possible SpaceX-related technology is generating attention, but investors may want evidence of production timing and pricing rather than another concept demonstration. Reuters Roadster article
• Positive Sentiment: Virtuix said Tesla placed repeat orders for Omni One Enterprise systems for its Optimus humanoid-robot program, providing a small supporting signal for Tesla’s robotics development. Virtuix announcement

Wall Street Analyst Weigh In

TSLA has been the subject of several research reports. Jefferies Financial Group set a $400.00 price objective on Tesla and gave the company a “hold” rating in a research report on Monday, July 13th. Morgan Stanley reaffirmed a “reduce” rating on shares of Tesla in a research report on Monday. BMO Capital Markets initiated coverage on shares of Tesla in a report on Monday, August 17th. They issued an “outperform” rating for the company. Barclays raised their price target on shares of Tesla from $360.00 to $370.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 14th. Finally, HSBC restated a “hold” rating on shares of Tesla in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eighteen have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $414.68.

Tesla Stock Performance

The stock has a market capitalization of $1.42 trillion, a P/E ratio of 332.38, a PEG ratio of 18.45 and a beta of 1.84. The firm has a 50-day moving average of $353.71 and a 200 day moving average of $381.26. The company has a quick ratio of 1.55, a current ratio of 1.94 and a debt-to-equity ratio of 0.09.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Thursday, July 23rd. The electric vehicle producer reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.17). Tesla had a net margin of 3.67% and a return on equity of 3.82%. The business had revenue of $28.24 billion during the quarter, compared to the consensus estimate of $26.42 billion. During the same period last year, the firm earned $0.33 EPS. The company’s quarterly revenue was up 25.5% compared to the same quarter last year. Research analysts anticipate that Tesla, Inc. will post 0.88 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $360.13, for a total value of $938,498.78. Following the sale, the chief financial officer owned 25,972 shares of the company’s stock, valued at $9,353,296.36. The trade was a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Tesla

Institutional investors have recently added to or reduced their stakes in the stock. Bullseye Investment Management LLC bought a new stake in shares of Tesla in the 2nd quarter valued at approximately $336,000. Smith Chas P & Associates PA Cpas boosted its stake in Tesla by 7.8% in the 2nd quarter. Smith Chas P & Associates PA Cpas now owns 1,389 shares of the electric vehicle producer’s stock valued at $584,000 after buying an additional 100 shares in the last quarter. Marathon Wealth Advisors LLC grew its position in Tesla by 0.7% in the second quarter. Marathon Wealth Advisors LLC now owns 8,768 shares of the electric vehicle producer’s stock valued at $3,688,000 after acquiring an additional 59 shares during the period. Rench Wealth Management Inc. grew its position in Tesla by 6.2% in the second quarter. Rench Wealth Management Inc. now owns 921 shares of the electric vehicle producer’s stock valued at $387,000 after acquiring an additional 54 shares during the period. Finally, Bouchey Financial Group Ltd. raised its stake in Tesla by 16.6% during the second quarter. Bouchey Financial Group Ltd. now owns 5,240 shares of the electric vehicle producer’s stock worth $2,204,000 after acquiring an additional 745 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Company Profile

Tesla, Inc is an American technology and automotive company that designs, develops, manufactures and sells electric vehicles and related energy products. Its vehicle lineup has included the Model S, Model 3, Model X, Model Y and Cybertruck, along with commercial and specialty products such as the Tesla Semi.

The company also develops energy-generation and storage products, including solar panels, solar roofing systems and battery storage solutions for residential, commercial and utility customers.