Tesla (NASDAQ:TSLA) Shares Down 1.2% – Time to Sell?

Tesla, Inc. (NASDAQ:TSLA) shares traded down 1.2% during trading on Monday. The stock traded as low as $377.58 and last traded at $378.03. Approximately 19,971,111 shares were traded during 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

Several brokerages have recently issued reports on TSLA. Canaccord Genuity Group set a $410.00 target price on Tesla and gave the stock a “buy” rating in a report on Thursday, July 23rd. Oppenheimer reissued a “market perform” rating on shares of Tesla in a research note on Monday, September 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Tesla in a report on Monday, September 28th. KeyCorp raised Tesla to a “sector weight” rating in a research note on Monday, September 28th. Finally, Citizens Jmp began coverage on Tesla in a report on Thursday, July 9th. They set a “market perform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, seventeen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $412.19.

Tesla Price Performance

The firm’s 50-day moving average price is $355.61 and its 200-day moving average price is $377.20. The company has a current ratio of 1.94, a quick ratio of 1.55 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $1.49 trillion, a PE ratio of 350.03, a PEG ratio of 23.45 and a beta of 1.92.

Tesla (NASDAQ:TSLA) last announced its quarterly 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 the consensus estimate of $26.42 billion. During the same period in the previous year, the business posted $0.33 EPS. The firm’s revenue was up 25.5% on a year-over-year basis. On average, equities analysts forecast that Tesla, Inc. will post 0.73 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $360.13, for a total value of $938,498.78. Following the completion of the transaction, the chief financial officer 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 19.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Tesla

Several large investors have recently modified their holdings of the stock. Security National Bank of Sioux City Iowa IA acquired a new stake in Tesla in the 2nd quarter valued at about $25,000. Friedenthal Financial boosted its holdings in shares of Tesla by 66.7% during the 1st quarter. Friedenthal Financial now owns 75 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 30 shares during the last quarter. Harborfront Financial Group LLC purchased a new stake in shares of Tesla in the second quarter valued at approximately $34,000. Lam Group Inc. purchased a new stake in shares of Tesla in the first quarter valued at approximately $37,000. Finally, Montgomery Financial Services LLC purchased a new stake in shares of Tesla in the second quarter valued at approximately $40,000. Institutional investors own 66.20% of the company’s stock.

Tesla Company Profile

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.