Tesla (NASDAQ:TSLA) Trading Down 2% on Insider Selling

Tesla, Inc. (NASDAQ:TSLA) shares were down 2% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $335.90 and last traded at $338.94. Approximately 23,417,082 shares traded hands during trading, a decline of 76% from the average daily volume of 95,808,750 shares. The stock had previously closed at $346.00.

Specifically, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the sale, the director now directly owns 85,000 shares in the company, valued at approximately $26,727,400. The trade was a 56.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

A number of analysts recently commented on TSLA shares. Stifel Nicolaus upped their price objective on Tesla from $265.00 to $287.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Roth Mkm reissued a “neutral” rating and set a $85.00 price objective on shares of Tesla in a research report on Friday, October 11th. The Goldman Sachs Group upped their price target on Tesla from $230.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company raised their target price on shares of Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a research note on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Tesla presently has an average rating of “Hold” and a consensus target price of $230.18.

Tesla Price Performance

The stock’s 50-day simple moving average is $259.42 and its two-hundred day simple moving average is $224.12. The firm has a market cap of $1.10 trillion, a P/E ratio of 93.71, a PEG ratio of 10.42 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37.

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, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter last year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities research analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tesla

Hedge funds have recently bought and sold shares of the business. Bank & Trust Co bought a new position in shares of Tesla in the second quarter worth about $25,000. Valley Wealth Managers Inc. purchased a new position in Tesla during the 2nd quarter valued at about $26,000. Abich Financial Wealth Management LLC lifted its position in shares of Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares during the period. Transcendent Capital Group LLC bought a new position in shares of Tesla during the third quarter valued at approximately $29,000. Finally, Clean Yield Group increased its holdings in Tesla by 60.0% during the third 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. Institutional investors own 66.20% of the company’s stock.

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.