Tesla (NASDAQ:TSLA) Announces Quarterly Earnings Results

Tesla (NASDAQ:TSLAGet Free Report) released its quarterly earnings results on Thursday. The electric vehicle producer reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.17), FiscalAI reports. The firm had revenue of $28.24 billion for the quarter, compared to analysts’ expectations of $26.42 billion. Tesla had a net margin of 3.95% and a return on equity of 4.89%. The business’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 EPS.

Tesla Trading Down 12.2%

Shares of TSLA stock traded down $45.81 on Thursday, hitting $328.20. 21,966,310 shares of the stock traded hands, compared to its average volume of 56,166,336. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.62 and a current ratio of 2.04. The stock has a market capitalization of $1.23 trillion, a PE ratio of 300.67, a PEG ratio of 12.72 and a beta of 1.80. The firm’s 50-day moving average price is $405.39 and its two-hundred day moving average price is $404.00. Tesla has a twelve month low of $297.82 and a twelve month high of $498.83.

Insider Activity at Tesla

In other Tesla news, Director Kathleen Wilson-Thompson sold 26,409 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $378.11, for a total transaction of $9,985,506.99. Following the completion of the sale, the director owned 48,399 shares of the company’s stock, valued at $18,300,145.89. This trade represents a 35.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Taneja sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $450.00, for a total value of $1,350,000.00. Following the sale, the chief financial officer directly owned 18,106 shares of the company’s stock, valued at $8,147,700. The trade was a 14.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 32,015 shares of company stock valued at $12,383,640 over the last quarter. 19.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently modified their holdings of the company. Turning Point Benefit Group Inc. acquired a new stake in shares of Tesla during the third quarter worth about $30,000. Texas Capital Bancshares Inc TX acquired a new stake in Tesla in the third quarter valued at $31,000. Chapman Financial Group LLC purchased a new stake in Tesla during the second quarter worth approximately $26,000. Galaxy Group Investments LLC purchased a new stake in shares of Tesla during the 4th quarter worth approximately $51,000. Finally, Litman Gregory Wealth Management LLC purchased a new stake in Tesla in the fourth quarter valued at $56,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TSLA. Jefferies Financial Group set a $400.00 price objective on Tesla and gave the company a “hold” rating in a report on Monday, July 13th. Citigroup started coverage on Tesla in a research note on Thursday, July 9th. They issued a “market perform” rating for the company. Evercore raised Tesla from a “hold” rating to an “outperform” rating in a research report on Friday, June 5th. Morgan Stanley initiated coverage on Tesla in a research note on Monday. They issued a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Tesla in a research note on Tuesday, June 30th. Twenty-one research analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $411.77.

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Tesla Company Profile

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Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.

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