Tesla (NASDAQ:TSLA) Shares Down 2% - What's Next?

Tesla, Inc. (NASDAQ:TSLA - Get Free Report)'s share price traded down 2% during trading on Tuesday . The stock traded as low as $340.44 and last traded at $341.63. 49,989,006 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 101,330,159 shares. The stock had previously closed at $348.68.

Wall Street Analyst Weigh In

A number of brokerages have commented on TSLA. Guggenheim reissued a "sell" rating and set a $175.00 target price on shares of Tesla in a report on Monday. Piper Sandler reiterated an "overweight" rating and set a $400.00 target price on shares of Tesla in a research report on Tuesday, June 10th. Wedbush reissued an "outperform" rating and issued a $500.00 price target on shares of Tesla in a report on Friday, June 20th. Truist Financial set a $280.00 price objective on shares of Tesla in a research note on Tuesday, April 22nd. Finally, The Goldman Sachs Group reiterated a "neutral" rating on shares of Tesla in a research note on Friday, June 20th. Ten research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Tesla has an average rating of "Hold" and a consensus target price of $294.58.

Tesla Price Performance

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 company's 50-day simple moving average is $309.87 and its 200-day simple moving average is $331.48. The stock has a market capitalization of $1.06 trillion, a price-to-earnings ratio of 179.97, a P/E/G ratio of 12.73 and a beta of 2.47.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 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 business had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period in the previous year, the firm posted $0.45 EPS. Research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the sale, the chief financial officer now owns 26,950 shares of the company's stock, valued at approximately $6,737,500. The trade was a 12.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $285.58, for a total value of $32,096,336.20. Following the completion of the sale, the director now directly owns 85,000 shares of the company's stock, valued at approximately $24,274,300. This trade represents a 56.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 833,509 shares of company stock worth $278,648,925 over the last quarter. Insiders own 20.70% of the company's stock.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently modified their holdings of TSLA. Howe & Rusling Inc. boosted its holdings in Tesla by 26.0% in the first quarter. Howe & Rusling Inc. now owns 1,087 shares of the electric vehicle producer's stock worth $282,000 after acquiring an additional 224 shares in the last quarter. Maple Capital Management Inc. boosted its holdings in shares of Tesla by 18.9% during the 1st quarter. Maple Capital Management Inc. now owns 3,115 shares of the electric vehicle producer's stock valued at $807,000 after purchasing an additional 496 shares during the last quarter. Optima Capital LLC lifted its stake in shares of Tesla by 17.3% in the 1st quarter. Optima Capital LLC now owns 990 shares of the electric vehicle producer's stock valued at $257,000 after purchasing an additional 146 shares during the last quarter. Kondo Wealth Advisors Inc. boosted its holdings in Tesla by 17.8% during the 1st quarter. Kondo Wealth Advisors Inc. now owns 951 shares of the electric vehicle producer's stock valued at $246,000 after acquiring an additional 144 shares during the period. Finally, Compass Financial Services Inc bought a new position in shares of Tesla during the first quarter valued at approximately $54,000. 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.