Tesla (NASDAQ:TSLA) Shares Down 4.7% - Here's Why

Tesla, Inc. (NASDAQ:TSLA - Get Free Report)'s stock price was down 4.7% during mid-day trading on Wednesday . The stock traded as low as $270.78 and last traded at $278.40. Approximately 47,612,028 shares changed hands during trading, a decline of 50% from the average daily volume of 95,471,344 shares. The stock had previously closed at $292.03.

Analysts Set New Price Targets

Several brokerages have weighed in on TSLA. The Goldman Sachs Group reissued a "neutral" rating on shares of Tesla in a report on Tuesday, April 22nd. Benchmark reiterated a "buy" rating and issued a $350.00 target price on shares of Tesla in a research note on Wednesday, April 23rd. Barclays cut their price target on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Robert W. Baird lowered their price objective on shares of Tesla from $370.00 to $320.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Finally, Cowen upgraded Tesla from a "hold" rating to a "buy" rating in a research note on Thursday, March 6th. Ten investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Tesla currently has a consensus rating of "Hold" and a consensus price target of $287.46.

Tesla Price Performance

The firm has a market capitalization of $925.09 billion, a PE ratio of 140.79, a P/E/G ratio of 5.86 and a beta of 2.58. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average price of $258.82 and a two-hundred day moving average price of $325.18.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 7.26% and a return on equity of 10.31%. The firm had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. During the same period in the previous year, the company posted $0.45 earnings per share. Sell-side analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Transactions at Tesla

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total value of $43,162,255.60. Following the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $32,643,400. This trade represents a 56.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,672 shares of Tesla stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $268.73, for a total transaction of $718,046.56. Following the completion of the transaction, the chief financial officer now owns 26,950 shares in the company, valued at approximately $7,242,273.50. This trade represents a 9.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 486,618 shares of company stock worth $155,887,459. Company insiders own 20.70% of the company's stock.

Hedge Funds Weigh In On Tesla

Large investors have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC acquired a new position in Tesla during the fourth quarter worth about $56,600,000. Stephens Consulting LLC grew its holdings in shares of Tesla by 126.7% in the 4th quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer's stock worth $644,000 after acquiring an additional 891 shares during the period. Worth Asset Management LLC raised its holdings in Tesla by 383.1% during the fourth quarter. Worth Asset Management LLC now owns 8,314 shares of the electric vehicle producer's stock worth $3,358,000 after purchasing an additional 6,593 shares during the last quarter. Strategic Family Wealth Counselors L.L.C. boosted its position in Tesla by 133.7% during the fourth quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer's stock worth $1,150,000 after purchasing an additional 1,629 shares in the last quarter. Finally, Harvard Management Co. Inc. acquired a new stake in Tesla in the fourth quarter valued at $8,158,000. 66.20% of the stock is 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.