Tesla (NASDAQ:TSLA) Stock Price Down 5.4% - Here's Why

Shares of Tesla, Inc. (NASDAQ:TSLA - Get Free Report) traded down 5.4% on Tuesday . The stock traded as low as $293.21 and last traded at $300.66. 69,987,124 shares were traded during trading, a decline of 31% from the average session volume of 101,774,243 shares. The stock had previously closed at $317.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TSLA shares. Argus reissued a "hold" rating on shares of Tesla in a report on Monday, June 9th. The Goldman Sachs Group increased their price objective on shares of Tesla from $285.00 to $315.00 and gave the stock a "neutral" rating in a research note on Thursday. Royal Bank Of Canada dropped their price objective on shares of Tesla from $314.00 to $307.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Benchmark reissued a "buy" rating and issued a $475.00 price objective (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $320.00 price objective on shares of Tesla in a report on Monday, June 9th. Ten equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Tesla has a consensus rating of "Hold" and a consensus price target of $301.24.

Tesla Trading Down 0.7%

The firm has a market capitalization of $1.01 trillion, a P/E ratio of 172.29, a price-to-earnings-growth ratio of 9.17 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The business's 50-day moving average is $319.28 and its 200 day moving average is $328.10.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The company had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. During the same period in the previous year, the firm posted $0.45 EPS. As a group, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president owned 67,600 shares of the company's stock, valued at approximately $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 833,509 shares of company stock valued at $278,648,925. Corporate insiders own 20.70% of the company's stock.

Hedge Funds Weigh In On Tesla

A number of institutional investors have recently bought and sold shares of TSLA. Rinkey Investments raised its stake in Tesla by 3.5% during the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock valued at $347,000 after buying an additional 29 shares during the last quarter. Bell Investment Advisors Inc grew its holdings in Tesla by 1.3% during the 4th quarter. Bell Investment Advisors Inc now owns 2,339 shares of the electric vehicle producer's stock valued at $945,000 after buying an additional 30 shares in the last quarter. Pitti Group Wealth Management LLC raised its position in shares of Tesla by 2.2% during the fourth quarter. Pitti Group Wealth Management LLC now owns 1,470 shares of the electric vehicle producer's stock valued at $594,000 after buying an additional 31 shares during the last quarter. True Wealth Design LLC raised its holdings in shares of Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Finally, Horrell Capital Management Inc. increased its holdings in shares of Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock worth $32,000 after buying an additional 34 shares during the last quarter. 66.20% of the stock is owned by 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.