Tesla (NASDAQ:TSLA) Trading Down 1.2% Following Insider Selling

Tesla, Inc. (NASDAQ:TSLA) dropped 1.2% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $323.20 and last traded at $324.53. Approximately 61,713,865 shares traded hands during trading, a decline of 35% from the average daily volume of 95,501,219 shares. The stock had previously closed at $328.49.

Specifically, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $346.02, for a total value of $34,602,000.00. Following the transaction, the director now owns 5,400 shares in the company, valued at $1,868,508. The trade was a 94.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $350.00, for a total value of $1,400,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $36,761,200. This trade represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $300.37, for a total transaction of $2,402,960.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at $31,548,461.84. This represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

TSLA has been the topic of several recent research reports. Phillip Securities cut shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a research note on Wednesday. New Street Research cut shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price target for the company. in a report on Wednesday, July 24th. HSBC reaffirmed a “reduce” rating and issued a $124.00 price objective on shares of Tesla in a report on Friday, October 11th. Glj Research reissued a “sell” rating and set a $24.86 target price on shares of Tesla in a research note on Thursday, October 17th. Finally, Bank of America lifted their price target on Tesla from $265.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $228.24.

Tesla Stock Performance

The company’s fifty day moving average price is $248.48 and its two-hundred day moving average price is $218.94. The firm has a market capitalization of $998.91 billion, a PE ratio of 85.25, a price-to-earnings-growth ratio of 10.73 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.14. The company had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.53 EPS. As a group, equities analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current year.

Hedge Funds Weigh In On Tesla

A number of large investors have recently modified their holdings of TSLA. Bank & Trust Co acquired a new position in shares of Tesla during the 2nd quarter valued at $25,000. Valley Wealth Managers Inc. acquired a new position in shares of Tesla during the second quarter worth about $26,000. Abich Financial Wealth Management LLC boosted its position in shares of Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares during the period. Transcendent Capital Group LLC purchased a new stake in shares of Tesla during the 3rd quarter valued at about $29,000. Finally, Clean Yield Group raised its holdings in shares of 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 buying an additional 48 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

About Tesla

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.