Tesla (NASDAQ:TSLA) Stock Price Down 2% After Insider Selling

Tesla, Inc. (NASDAQ:TSLA) shares were down 2% on Tuesday following insider selling activity. The company traded as low as $320.12 and last traded at $322.51. Approximately 23,978,306 shares traded hands during trading, a decline of 76% from the average daily volume of 100,476,541 shares. The stock had previously closed at $329.13.

Specifically, SVP Xiaotong Zhu sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the transaction, the senior vice president now directly owns 67,600 shares in the company, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TSLA shares. Cantor Fitzgerald dropped their price target on Tesla from $425.00 to $355.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. UBS Group dropped their price target on Tesla from $225.00 to $190.00 and set a “sell” rating on the stock in a research note on Thursday, April 10th. Wedbush set a $500.00 price target on Tesla in a research note on Thursday, June 5th. Argus reiterated a “hold” rating on shares of Tesla in a research report on Monday, June 9th. Finally, Truist Financial set a $280.00 target price on Tesla in a research report on Tuesday, April 22nd. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $293.67.

Tesla Stock Up 1.8%

The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The company has a fifty day moving average price of $303.42 and a 200-day moving average price of $332.59. The stock has a market capitalization of $1.04 trillion, a P/E ratio of 176.95, a PEG ratio of 11.88 and a beta of 2.47.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The firm had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same period last year, the firm posted $0.45 earnings per share. As a group, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Tesla

Large investors have recently made changes to their positions in the company. Cherry Tree Wealth Management LLC increased its holdings in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank grew its position in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 42 shares in the last quarter. Newton One Investments LLC grew its position in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla in the first quarter worth about $27,000. Finally, True Wealth Design LLC grew its position in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 31 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

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.