Tesla (NASDAQ:TSLA) Shares Gap Down – Here’s Why

Shares of Tesla, Inc. (NASDAQ:TSLA) gapped down before the market opened on Wednesday . The stock had previously closed at $258.02, but opened at $247.55. Tesla shares last traded at $245.53, with a volume of 19,915,037 shares changing hands.

Analyst Ratings Changes

Several research analysts recently weighed in on TSLA shares. Argus reiterated a “buy” rating and issued a $286.00 price objective on shares of Tesla in a research report on Friday, July 26th. Mizuho boosted their price target on shares of Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $295.00 price objective on shares of Tesla in a research note on Tuesday, September 10th. Wells Fargo & Company restated an “underweight” rating and issued a $120.00 price objective on shares of Tesla in a report on Monday, July 1st. Finally, Guggenheim boosted their target price on shares of Tesla from $134.00 to $153.00 and gave the stock a “sell” rating in a research note on Friday, September 13th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $210.54.

Tesla Trading Down 3.4 %

The firm has a market capitalization of $767.51 billion, a price-to-earnings ratio of 61.39, a P/E/G ratio of 7.08 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. The business has a fifty day moving average price of $223.40 and a 200 day moving average price of $200.86.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. During the same quarter last year, the business earned $0.78 earnings per share. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. The disclosure for this sale can be found here. Insiders have sold a total of 74,661 shares of company stock valued at $16,663,291 over the last ninety days. Corporate insiders own 25.10% of the company’s stock.

Institutional Investors Weigh In On Tesla

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TSLA. Integris Wealth Management LLC increased its position in shares of Tesla by 1.0% during the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after acquiring an additional 42 shares during the last quarter. Echo Wealth Management LLC grew its holdings in Tesla by 0.7% during the 2nd quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after acquiring an additional 44 shares in the last quarter. WASHINGTON TRUST Co raised its stake in shares of Tesla by 3.2% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after purchasing an additional 45 shares in the last quarter. Bellevue Asset Management LLC lifted its position in shares of Tesla by 1.6% during the second quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock worth $568,000 after purchasing an additional 45 shares during the last quarter. Finally, Cypress Capital Group grew its stake in Tesla by 1.7% in the second quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock worth $555,000 after purchasing an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

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.