Tesla (NASDAQ:TSLA) Shares Down 4.6%

Tesla, Inc. (NASDAQ:TSLA) shares dropped 4.6% during mid-day trading on Monday . The company traded as low as $138.80 and last traded at $140.25. Approximately 51,036,515 shares were traded during trading, a decline of 49% from the average daily volume of 100,943,016 shares. The stock had previously closed at $147.05.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Tesla from $190.00 to $175.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 9th. Bank of America raised Tesla from a “neutral” rating to a “buy” rating and set a $220.00 price objective for the company in a research note on Wednesday. Redburn Atlantic began coverage on shares of Tesla in a research note on Wednesday, January 24th. They set a “sell” rating and a $170.00 price objective for the company. Truist Financial reduced their price target on Tesla from $193.00 to $176.00 and set a “hold” rating on the stock in a report on Wednesday, April 3rd. Finally, Mizuho reissued a “neutral” rating and set a $195.00 target price (down from $270.00) on shares of Tesla in a research note on Monday, March 25th. Eight analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $191.37.

Tesla Price Performance

The stock has a market capitalization of $460.78 billion, a PE ratio of 33.57, a PEG ratio of 3.75 and a beta of 2.39. The firm’s fifty day moving average price is $176.81 and its two-hundred day moving average price is $209.24. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 0.05.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). The company had revenue of $25.17 billion for the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a net margin of 15.50% and a return on equity of 16.62%. Tesla’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.07 earnings per share. On average, equities analysts predict that Tesla, Inc. will post 1.97 earnings per share for the current year.

Insider Buying and Selling

In other Tesla news, SVP Xiaotong Zhu sold 687 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total value of $121,674.57. Following the transaction, the senior vice president now owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the completion of the sale, the senior vice president now directly owns 63,171 shares in the company, valued at $11,188,215.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robyn M. Denholm sold 93,706 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $2,920,950. The disclosure for this sale can be found here. Insiders sold 209,098 shares of company stock valued at $38,802,534 over the last 90 days. Company insiders own 20.90% of the company’s stock.

Institutional Trading of Tesla

Hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Tesla during the 4th quarter valued at approximately $7,844,757,000. International Assets Investment Management LLC boosted its position in shares of Tesla by 25,990.7% in the fourth quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock worth $1,541,273,000 after purchasing an additional 6,179,032 shares during the period. Vanguard Group Inc. increased its stake in shares of Tesla by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock worth $57,102,287,000 after purchasing an additional 3,866,361 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Tesla by 34.0% during the 3rd quarter. California Public Employees Retirement System now owns 9,032,207 shares of the electric vehicle producer’s stock valued at $2,260,039,000 after purchasing an additional 2,293,344 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Tesla by 7.8% during the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock valued at $7,546,823,000 after buying an additional 2,177,397 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

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.