Tesla (NASDAQ:TSLA) Trading Down 7.6% – What’s Next?

Tesla, Inc. (NASDAQ:TSLAGet Free Report) dropped 7.6% during mid-day trading on Friday . The stock traded as low as $214.38 and last traded at $220.54. Approximately 63,792,852 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 94,842,188 shares. The stock had previously closed at $238.77.

Wall Street Analyst Weigh In

Several research firms have weighed in on TSLA. Roth Mkm reaffirmed a “neutral” rating and set a $85.00 price objective on shares of Tesla in a research report on Friday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $230.00 price objective on shares of Tesla in a research report on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research report on Friday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $295.00 price objective on shares of Tesla in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and set a $120.00 price objective on shares of Tesla in a research report on Monday, July 1st. Nine equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $210.72.

Get Our Latest Research Report on TSLA

Tesla Price Performance

The firm’s fifty day simple moving average is $225.23 and its 200 day simple moving average is $203.30. The firm has a market cap of $699.79 billion, a P/E ratio of 61.77, a P/E/G ratio of 6.54 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91.

Tesla (NASDAQ:TSLAGet Free Report) last released its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the company earned $0.78 EPS. As a group, analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current year.

Insider Activity

In other news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of the 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 directly owns 85,000 shares in the company, valued at $18,696,600. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,661 shares of company stock worth $16,663,291. 20.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Tesla

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSLA. Vanguard Group Inc. increased its position in shares of Tesla by 1.7% during the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after acquiring an additional 3,795,748 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Tesla by 12.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after purchasing an additional 1,125,329 shares in the last quarter. Strategic Financial Concepts LLC boosted its stake in shares of Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after purchasing an additional 5,875,484 shares in the last quarter. ARK Investment Management LLC boosted its stake in shares of Tesla by 2.6% during the second quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after purchasing an additional 135,966 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Tesla by 9.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,959,699 shares of the electric vehicle producer’s stock valued at $981,443,000 after purchasing an additional 412,872 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

About Tesla

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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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