Tesla (NASDAQ:TSLA) Shares Down 1.2% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA)’s stock price was down 1.2% during mid-day trading on Monday. The stock traded as low as $377.58 and last traded at $378.03. Approximately 19,971,111 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 51,132,391 shares. The stock had previously closed at $382.70.

Key Stories Impacting Tesla

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Jefferies raised its price target to $400 from $350 while maintaining a Hold rating, citing resilient vehicle deliveries and improving prospects for Tesla’s non-automotive businesses. Jefferies raises Tesla price target as resilient deliveries support automotive outlook
• Positive Sentiment: Robotaxi deployment is accelerating: Tesla’s Austin Cybercab fleet reportedly exceeded 300 vehicles after expanding roughly eightfold in a month, while the company is considering Dallas service. This supports the long-term autonomous-driving growth thesis, although the rollout remains limited. Tesla Robotaxi Fleet in Austin Soars 8x in a Month
• Positive Sentiment: China-made vehicle sales increased 5% in September, extending Tesla’s growth streak to 11 months. Price incentives and overseas shipments helped offset intense competition in China. Can Tesla Sustain China EV Sales Growth Amid Competition?

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TSLA. Canaccord Genuity Group set a $410.00 target price on Tesla and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Cantor Fitzgerald reissued an “overweight” rating on shares of Tesla in a research report on Monday, September 28th. Stifel Nicolaus set a $491.00 price objective on shares of Tesla and gave the company a “buy” rating in a report on Monday, August 3rd. UBS Group restated a “buy” rating and set a $391.00 price objective (up from $385.00) on shares of Tesla in a research report on Wednesday, October 7th. Finally, Piper Sandler initiated coverage on shares of Tesla in a research report on Monday, September 14th. They set an “overweight” rating for the company. One analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, seventeen have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, Tesla has an average rating of “Hold” and an average target price of $412.19.

Tesla Stock Performance

The firm has a 50 day simple moving average of $355.61 and a 200-day simple moving average of $377.20. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.94 and a quick ratio of 1.55. The company has a market cap of $1.49 trillion, a price-to-earnings ratio of 350.03, a PEG ratio of 23.45 and a beta of 1.92.

Tesla (NASDAQ:TSLA) last posted its earnings results on Thursday, July 23rd. The electric vehicle producer reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.17). Tesla had a net margin of 3.67% and a return on equity of 3.82%. The business had revenue of $28.24 billion during the quarter, compared to analysts’ expectations of $26.42 billion. During the same quarter in the prior year, the firm earned $0.33 EPS. Tesla’s revenue for the quarter was up 25.5% compared to the same quarter last year. As a group, analysts predict that Tesla, Inc. will post 0.73 EPS for the current fiscal year.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $360.13, for a total value of $938,498.78. Following the sale, the chief financial officer directly owned 25,972 shares in the company, valued at approximately $9,353,296.36. The trade was a 9.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Security National Bank of Sioux City Iowa IA acquired a new position in Tesla during the 2nd quarter worth about $25,000. Friedenthal Financial grew its position in Tesla by 66.7% in the 1st quarter. Friedenthal Financial now owns 75 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 30 shares in the last quarter. Harborfront Financial Group LLC acquired a new position in Tesla in the 2nd quarter valued at about $34,000. Montgomery Financial Services LLC acquired a new position in Tesla in the 2nd quarter valued at about $40,000. Finally, Lam Group Inc. purchased a new stake in Tesla during the first quarter worth about $37,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

About Tesla

Tesla, Inc (NASDAQ:TSLA) designs, manufactures and sells electric vehicles, energy storage systems and solar energy products. Its vehicle lineup includes the Model S, Model 3, Model X, Model Y, Cybertruck and Tesla Semi. The company also develops vehicle software and driver-assistance features, operates a global Supercharger network and provides related vehicle services.

Tesla’s energy business offers battery storage products for residential, commercial and utility customers, including Powerwall and Megapack, as well as solar panels and solar roofing products.