Tesla (NASDAQ:TSLA) Trading Down 1.6% After Insider Selling

Tesla, Inc. (NASDAQ:TSLA)’s share price traded down 1.6% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $170.15 and last traded at $174.90. 35,289,943 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 103,297,234 shares. The stock had previously closed at $177.81.

Specifically, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $204.17, for a total value of $2,143,785.00. Following the completion of the sale, the senior vice president now directly owns 31,230 shares in the company, valued at approximately $6,376,229.10. The disclosure for this sale can be found here. Insiders sold 302,803 shares of company stock worth $56,124,840 in the last three months. Corporate insiders own 20.90% of the company’s stock.

Analyst Ratings Changes

TSLA has been the subject of several analyst reports. Canaccord Genuity Group cut their price target on Tesla from $234.00 to $222.00 and set a “buy” rating for the company in a research note on Wednesday, April 24th. Truist Financial decreased their price target on Tesla from $176.00 to $162.00 and set a “hold” rating on the stock in a research note on Wednesday, April 24th. Piper Sandler restated an “overweight” rating and set a $205.00 target price on shares of Tesla in a research report on Monday, April 22nd. Morgan Stanley lowered their target price on shares of Tesla from $320.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Finally, Robert W. Baird reiterated an “outperform” rating and set a $280.00 target price on shares of Tesla in a research report on Wednesday, April 17th. Eight investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $185.90.

Tesla Trading Down 1.9 %

The company has a market capitalization of $556.16 billion, a PE ratio of 44.62, a PEG ratio of 4.74 and a beta of 2.41. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04. The business’s 50-day simple moving average is $173.12 and its two-hundred day simple moving average is $204.32.

Institutional Investors Weigh In On Tesla

Several hedge funds and other institutional investors have recently bought and sold shares of TSLA. Wyrmwood Management LLC bought a new position in Tesla during the 4th quarter valued at $25,000. Lam Group Inc. bought a new position in shares of Tesla during the fourth quarter worth about $25,000. Mendota Financial Group LLC grew its stake in Tesla by 202.2% in the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after purchasing an additional 91 shares in the last quarter. OLD Point Trust & Financial Services N A bought a new stake in Tesla in the fourth quarter valued at about $37,000. Finally, Guardian Wealth Management Inc. bought a new position in Tesla during the 4th quarter worth approximately $47,000. 66.20% of the stock is currently owned by hedge funds and other 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.