Tesla (NASDAQ:TSLA) Trading Down 7.2% - Here's What Happened

Tesla, Inc. (NASDAQ:TSLA - Get Free Report)'s stock price traded down 7.2% during trading on Monday . The stock traded as low as $288.77 and last traded at $292.77. 62,333,368 shares were traded during mid-day trading, a decline of 38% from the average session volume of 100,795,543 shares. The stock had previously closed at $315.35.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Morgan Stanley reiterated an "overweight" rating and set a $410.00 price objective on shares of Tesla in a research report on Friday, June 6th. Mizuho lifted their price target on Tesla from $325.00 to $390.00 and gave the company an "outperform" rating in a report on Friday, May 16th. Royal Bank Of Canada reduced their price objective on Tesla from $314.00 to $307.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Guggenheim reaffirmed a "sell" rating and set a $175.00 target price on shares of Tesla in a research note on Monday, June 23rd. Finally, Wells Fargo & Company dropped their target price on Tesla from $135.00 to $130.00 and set an "underweight" rating on the stock in a report on Friday, March 14th. Ten analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $301.60.

Tesla Stock Performance

The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The business has a fifty day moving average of $320.93 and a 200-day moving average of $324.35. The company has a market cap of $941.09 billion, a PE ratio of 160.40, a P/E/G ratio of 9.17 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS 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 business had revenue of $19.34 billion during the quarter, compared to analysts' expectations of $22.93 billion. During the same period in the previous year, the business earned $0.45 EPS. Equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 6,000 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $341.02, for a total value of $2,046,120.00. Following the sale, the chief financial officer directly owned 1,950 shares of the company's stock, valued at $664,989. This represents a 75.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the transaction, the senior vice president owned 67,600 shares of the company's stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 829,509 shares of company stock valued at $277,648,925 in the last 90 days. Corporate insiders own 20.70% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Norges Bank bought a new position in Tesla during the 4th quarter valued at about $14,420,248,000. Goldman Sachs Group Inc. lifted its position in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after purchasing an additional 20,291,139 shares during the period. Nuveen LLC purchased a new stake in Tesla in the first quarter worth approximately $3,247,619,000. FMR LLC grew its position in Tesla by 40.1% in the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares during the period. Finally, GAMMA Investing LLC raised its stake in Tesla by 27,378.6% during the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock valued at $2,542,960,000 after buying an additional 9,776,607 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

About Tesla

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.

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