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Tesla Inc. (NASDAQ:TSLA) shares are moving lower in premarket trading on Thursday, signaling the stock could be headed lower for a fourth session. The negative reaction reflects a confluence of factors.
What Happened: China continues to give jitters to Tesla investors, as the company has implemented a string of downward price adjustments in the country. This has stirred concerns about waning demand in a market, which is vital to the Tesla growth story.
A report that Tesla China President Tom Zhu Xiaotong could take over from Elon Musk as global CEO could also work in the minds of traders. Tesla analysts, however, have shrugged off the report and said such a move is less likely.
See Also: Best Electric Vehicle Stocks
Additionally, three separate Form 4 filings late Wednesday show that company insiders sold shares recently. Tesla’s SVP Powertrain and Energy Engineering Andrew Baglino sold 1,312.25 shares at $178.073 per share. CFO Zachary Kirkhorn sold 7,583.75 shares and chief accounting officer Vaibhav Taneja disposed of 3.767.75 shares.
These shares, according to the company, were the ones automatically withheld and sold by it to satisfy the executives’ tax withholding obligations related to the vesting of restricted stock units.
Kirkhorn also sold 3.750 shares pursuant to the 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks without flouting insider trading laws.
Price Action: In premarket trading, Tesla shares were down 1.92%, at $170.69, according to Benzinga Pro data.
Posted In: TSLA
