Tesla (NASDAQ:TSLA) Stock Price Down 2.9%

Tesla, Inc. (NASDAQ:TSLA) was down 2.9% on Wednesday . The stock traded as low as $200.49 and last traded at $201.70. Approximately 22,551,877 shares traded hands during trading, a decline of 77% from the average daily volume of 99,142,289 shares. The stock had previously closed at $207.83.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TSLA shares. Piper Sandler upped their target price on Tesla from $205.00 to $300.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. China Renaissance upgraded Tesla from a “hold” rating to a “buy” rating and set a $290.00 target price for the company in a research note on Friday, July 5th. New Street Research cut Tesla from a “buy” rating to a “neutral” rating and set a $225.00 target price for the company. in a research note on Wednesday, July 24th. Evercore ISI cut their price objective on Tesla from $155.00 to $145.00 and set an “in-line” rating on the stock in a report on Monday, April 29th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $245.00 price objective on shares of Tesla in a report on Friday. Nine equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Tesla presently has a consensus rating of “Hold” and an average target price of $204.21.

Tesla Stock Performance

The company has a 50-day moving average price of $214.37 and a two-hundred day moving average price of $190.80. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $689.25 billion, a P/E ratio of 55.65, a price-to-earnings-growth ratio of 5.17 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.78 earnings per share. On average, equities analysts forecast that Tesla, Inc. will post 1.79 earnings per share for the current year.

Insider Activity

In other news, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the sale, the senior vice president now directly owns 65,155 shares in the company, valued at approximately $11,350,652.55. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. 25.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tesla

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank & Trust Co purchased a new position in shares of Tesla in the 2nd quarter worth approximately $25,000. Valley Wealth Managers Inc. bought a new stake in Tesla during the 2nd quarter valued at $26,000. Abich Financial Wealth Management LLC raised its holdings in Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after acquiring an additional 81 shares during the period. OLD Point Trust & Financial Services N A bought a new stake in Tesla during the 4th quarter valued at $37,000. Finally, Kessler Investment Group LLC raised its holdings in Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock valued at $38,000 after acquiring an additional 51 shares during the period. Hedge funds and other 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.