Tesla (NASDAQ:TSLA) Trading Down 1.2% After Insider Selling

Tesla, Inc. (NASDAQ:TSLA) shares traded down 1.2% on Wednesday after an insider sold shares in the company. The company traded as low as $323.20 and last traded at $324.53. 61,713,865 shares changed hands during trading, a decline of 35% from the average session volume of 95,501,219 shares. The stock had previously closed at $328.49.

Specifically, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the completion of the sale, the director now owns 5,400 shares of the company’s stock, valued at approximately $1,868,508. This represents a 94.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $350.00, for a total transaction of $1,400,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $36,761,200. This trade represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $300.37, for a total transaction of $2,402,960.00. Following the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $31,548,461.84. The trade was a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

Several research firms recently issued reports on TSLA. Phillip Securities cut shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a research report on Wednesday. Bank of America raised their price target on shares of Tesla from $265.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Barclays upped their price objective on Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Piper Sandler raised their target price on Tesla from $310.00 to $315.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Morgan Stanley restated an “overweight” rating and issued a $310.00 target price on shares of Tesla in a research report on Thursday, October 3rd. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average target price of $228.24.

Tesla Price Performance

The firm has a market capitalization of $998.91 billion, a price-to-earnings ratio of 85.25, a price-to-earnings-growth ratio of 10.73 and a beta of 2.29. The stock’s fifty day moving average price is $248.48 and its two-hundred day moving average price is $218.94. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same period last year, the firm earned $0.53 earnings per share. Tesla’s quarterly revenue was up 7.8% on a year-over-year basis. Equities research analysts expect that Tesla, Inc. will post 1.99 EPS for the current year.

Hedge Funds Weigh In On Tesla

Several hedge funds have recently added to or reduced their stakes in TSLA. Connable Office Inc. lifted its holdings in shares of Tesla by 0.3% in the 3rd quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock valued at $3,368,000 after purchasing an additional 38 shares during the last quarter. Holistic Financial Partners lifted its stake in Tesla by 1.0% in the third quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer’s stock valued at $1,061,000 after buying an additional 40 shares during the last quarter. Integris Wealth Management LLC boosted its holdings in shares of Tesla by 1.0% in the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after acquiring an additional 42 shares during the period. Sherrill & Hutchins Financial Advisory Inc grew its position in shares of Tesla by 1.4% during the third quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock worth $800,000 after acquiring an additional 43 shares during the last quarter. Finally, Altman Advisors Inc. increased its holdings in shares of Tesla by 0.4% in the 3rd quarter. Altman Advisors Inc. now owns 10,754 shares of the electric vehicle producer’s stock valued at $2,814,000 after acquiring an additional 43 shares during the period. 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.