Investors Buy Tesla Inc (TSLA) on Weakness on Insider Selling

Investors bought shares of Tesla Inc (NASDAQ:TSLA) on weakness during trading on Friday following insider selling activity. $652.69 million flowed into the stock on the tick-up and $582.06 million flowed out of the stock on the tick-down, for a money net flow of $70.63 million into the stock. Of all stocks tracked, Tesla had the 7th highest net in-flow for the day. Tesla traded down ($5.30) for the day and closed at $320.87Specifically, Director Stephen T. Jurvetson sold 44,777 shares of Tesla stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $340.36, for a total value of $15,240,299.72. Following the completion of the sale, the director now directly owns 36,111 shares in the company, valued at $12,290,739.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kimbal Musk sold 2,190 shares of Tesla stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $355.20, for a total value of $777,888.00. Following the completion of the sale, the director now owns 158,584 shares of the company’s stock, valued at $56,329,036.80. The disclosure for this sale can be found here. Insiders have sold 53,182 shares of company stock valued at $18,094,284 over the last 90 days. 23.10% of the stock is owned by corporate insiders.

A number of brokerages have commented on TSLA. Robert W. Baird reaffirmed an “outperform” rating and set a $368.00 target price on shares of Tesla in a research report on Thursday, August 3rd. Argus raised Tesla from a “hold” rating to a “buy” rating and lifted their target price for the company from $355.17 to $444.00 in a research report on Tuesday, August 8th. Vetr cut Tesla from a “strong-buy” rating to a “buy” rating and set a $358.85 target price on the stock. in a research report on Tuesday, July 11th. Barclays PLC reaffirmed a “sell” rating on shares of Tesla in a research report on Sunday, October 15th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “sell” rating and set a $180.00 target price (down previously from $190.00) on shares of Tesla in a research report on Monday, July 31st. Eleven research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating to the stock. Tesla has an average rating of “Hold” and an average target price of $324.91.

The stock’s market capitalization is $53.55 billion. The stock has a 50-day moving average of $353.79 and a 200 day moving average of $340.94.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.50 billion. Tesla had a negative return on equity of 26.74% and a negative net margin of 14.39%. Tesla’s quarterly revenue was up 119.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.06) EPS. On average, equities research analysts expect that Tesla Inc will post ($6.63) earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC raised its position in Tesla by 75.9% in the first quarter. Teachers Advisors LLC now owns 270,124 shares of the electric vehicle producer’s stock valued at $75,176,000 after purchasing an additional 116,573 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Tesla by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 98,790 shares of the electric vehicle producer’s stock valued at $27,492,000 after purchasing an additional 1,894 shares during the last quarter. Tudor Investment Corp ET AL raised its position in Tesla by 10.0% in the first quarter. Tudor Investment Corp ET AL now owns 3,579 shares of the electric vehicle producer’s stock valued at $996,000 after purchasing an additional 326 shares during the last quarter. Piedmont Investment Advisors LLC raised its position in Tesla by 0.9% in the first quarter. Piedmont Investment Advisors LLC now owns 26,006 shares of the electric vehicle producer’s stock valued at $7,237,000 after purchasing an additional 227 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its position in Tesla by 0.9% in the first quarter. Perigon Wealth Management LLC now owns 8,025 shares of the electric vehicle producer’s stock valued at $2,233,000 after purchasing an additional 74 shares during the last quarter. 56.64% of the stock is currently owned by institutional investors and hedge funds.

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About Tesla

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.

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