Tesla (NASDAQ:TSLA) Shares Gap Down - Here's Why

Tesla, Inc. (NASDAQ:TSLA - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $315.35, but opened at $291.37. Tesla shares last traded at $293.63, with a volume of 25,228,108 shares trading hands.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Mizuho cut their price target on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research note on Tuesday. Morgan Stanley restated an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research note on Friday, June 6th. Roth Mkm cut their price target on Tesla from $450.00 to $395.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Robert W. Baird restated a "neutral" rating and issued a $320.00 price target on shares of Tesla in a research note on Monday, June 9th. Finally, William Blair cut Tesla from an "outperform" rating to a "market perform" rating in a research report on Monday. Ten equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and a consensus price target of $301.13.

Tesla Stock Performance

The stock's 50-day moving average price is $321.49 and its 200-day moving average price is $323.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. The company has a market capitalization of $998.08 billion, a price-to-earnings ratio of 170.26, a P/E/G ratio of 8.86 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $22.93 billion. During the same quarter in the prior year, the firm earned $0.45 earnings per share. As a group, equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity

In related news, Director Robyn M. Denholm sold 112,395 shares of Tesla stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $274.12, for a total transaction of $30,809,717.40. Following the completion of the transaction, the director directly owned 85,000 shares in the company, valued at $23,300,200. The trade was a 56.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares of the company's stock, valued at $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 835,509 shares of company stock worth $279,420,485. 20.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TSLA. Eagle Capital Management LLC purchased a new stake in Tesla during the 4th quarter worth $331,000. Brighton Jones LLC boosted its position in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after purchasing an additional 9,293 shares during the period. Revolve Wealth Partners LLC boosted its position in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after purchasing an additional 931 shares during the period. Mascagni Wealth Management Inc. purchased a new stake in Tesla during the 4th quarter worth $346,000. Finally, Highview Capital Management LLC DE purchased a new stake in Tesla during the 4th quarter worth $2,367,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.