Tesla (NASDAQ:TSLA) Stock Price Down 1.6% on Insider Selling

Tesla, Inc. (NASDAQ:TSLA) shares were down 1.6% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $170.15 and last traded at $174.90. Approximately 35,289,943 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 103,297,234 shares. The stock had previously closed at $177.81.

Specifically, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the sale, the director now directly owns 15,000 shares in the company, valued at approximately $2,772,900. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Xiaotong Zhu sold 687 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total value of $121,674.57. Following the transaction, the senior vice president now directly owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the transaction, the director now owns 15,000 shares in the company, valued at $2,772,900. The disclosure for this sale can be found here. Insiders sold a total of 302,803 shares of company stock worth $56,124,840 in the last 90 days. Insiders own 20.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group dropped their price target on Tesla from $190.00 to $175.00 and set a “neutral” rating for the company in a research report on Tuesday, April 9th. Wells Fargo & Company dropped their price objective on shares of Tesla from $125.00 to $120.00 and set an “underweight” rating for the company in a report on Friday, April 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Wednesday, April 24th. Guggenheim reissued a “sell” rating and issued a $122.00 price target on shares of Tesla in a research note on Tuesday, April 23rd. Finally, Morgan Stanley reduced their price target on shares of Tesla from $320.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Eight equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $185.90.

Tesla Trading Down 1.7 %

The firm has a market capitalization of $557.22 billion, a PE ratio of 44.57, a PEG ratio of 4.74 and a beta of 2.41. The company’s 50-day moving average price is $173.12 and its 200-day moving average price is $204.32. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.17 and a current ratio of 1.72.

Institutional Trading of Tesla

A number of large investors have recently bought and sold shares of TSLA. Holderness Investments Co. increased its stake in shares of Tesla by 1.6% during the third quarter. Holderness Investments Co. now owns 2,599 shares of the electric vehicle producer’s stock worth $650,000 after acquiring an additional 42 shares during the period. SCS Capital Management LLC boosted its position in shares of Tesla by 0.3% during the 3rd quarter. SCS Capital Management LLC now owns 16,881 shares of the electric vehicle producer’s stock worth $4,224,000 after purchasing an additional 45 shares in the last quarter. Daymark Wealth Partners LLC grew its stake in shares of Tesla by 0.4% during the 4th quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer’s stock worth $2,622,000 after purchasing an additional 45 shares during the period. ML & R Wealth Management LLC boosted its holdings in Tesla by 2.6% during the third quarter. ML & R Wealth Management LLC now owns 1,819 shares of the electric vehicle producer’s stock worth $455,000 after buying an additional 46 shares in the last quarter. Finally, LCM Capital Management Inc increased its stake in Tesla by 3.5% in the 3rd quarter. LCM Capital Management Inc now owns 1,374 shares of the electric vehicle producer’s stock valued at $344,000 after purchasing an additional 46 shares in the last quarter. Institutional investors and hedge funds 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.