Tesla (NASDAQ:TSLA) Trading Down 3.8% – Should You Sell?

Tesla, Inc. (NASDAQ:TSLA) dropped 3.8% on Monday . The company traded as low as $348.26 and last traded at $348.95. 38,905,981 shares were traded during trading, a decline of 28% from the average daily volume of 54,088,043 shares. The stock had previously closed at $362.86.

Tesla News Summary

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Nevada reportedly approved Tesla to deploy up to 5,000 robotaxis, providing a meaningful regulatory milestone for the company’s autonomous-driving and software ambitions. Tesla’s Robo-Taxi Expansion Takes a Leap Forward
• Positive Sentiment: Tesla will unveil its production Cybercab in Austin on September 3. The event could offer investors evidence that autonomous ride-hailing can become a major growth business, although execution remains critical. Tesla Cybercab to launch Sept. 3
• Positive Sentiment: Commentary cited encouraging robotaxi safety data and Tesla’s continued U.S. EV-market leadership, while longer-term optimism remains tied to full self-driving, energy storage, artificial intelligence and Optimus. Tesla is still a hold based on data

Analysts Set New Price Targets

TSLA has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Tesla in a research note on Tuesday, July 21st. BMO Capital Markets started coverage on shares of Tesla in a research report on Monday, August 17th. They set an “outperform” rating on the stock. Citigroup restated a “market perform” rating on shares of Tesla in a report on Monday. JPMorgan Chase & Co. dropped their target price on Tesla from $475.00 to $445.00 and set a “neutral” rating on the stock in a report on Thursday, July 23rd. Finally, Evercore raised Tesla from a “hold” rating to an “outperform” rating in a research report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, nineteen have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $401.74.

Tesla Stock Down 3.8%

The firm has a market cap of $1.38 trillion, a P/E ratio of 323.10, a P/E/G ratio of 18.32 and a beta of 1.83. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.55 and a current ratio of 1.94. The firm’s fifty day moving average is $365.62 and its 200 day moving average is $387.07.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 22nd. The electric vehicle producer reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.17). The business had revenue of $28.24 billion during the quarter, compared to analyst estimates of $26.42 billion. Tesla had a return on equity of 3.82% and a net margin of 3.67%.Tesla’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS. As a group, equities research analysts anticipate that Tesla, Inc. will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $402.20, for a total transaction of $1,048,133.20. Following the completion of the sale, the chief financial officer owned 22,039 shares of the company’s stock, valued at approximately $8,864,085.80. This represents a 10.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 19.90% of the company’s stock.

Institutional Trading of Tesla

A number of hedge funds have recently made changes to their positions in TSLA. Chapman Financial Group LLC acquired a new position in shares of Tesla during the second quarter worth $26,000. Friedenthal Financial raised its position in Tesla by 66.7% during the 1st quarter. Friedenthal Financial now owns 75 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 30 shares during the last quarter. Turning Point Benefit Group Inc. bought a new position in Tesla during the 3rd quarter worth $30,000. Texas Capital Bancshares Inc TX acquired a new position in Tesla during the 3rd quarter worth about $31,000. Finally, Harborfront Financial Group LLC bought a new stake in shares of Tesla in the 2nd quarter valued at about $34,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Company Profile

Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.