Canaccord Genuity Group Raises Tesla (NASDAQ:TSLA) Price Target to $278.00

Tesla (NASDAQ:TSLA) had its price objective upped by Canaccord Genuity Group from $254.00 to $278.00 in a report issued on Thursday, MarketBeat Ratings reports. They currently have a buy rating on the electric vehicle producer’s stock.

A number of other analysts have also commented on TSLA. Wolfe Research initiated coverage on Tesla in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. 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 report on Friday, July 12th. Robert W. Baird restated an “outperform” rating and issued a $280.00 price objective on shares of Tesla in a report on Tuesday, August 20th. Sanford C. Bernstein reiterated an “underperform” rating and set a $120.00 target price on shares of Tesla in a report on Thursday, October 3rd. Finally, New Street Research cut Tesla from a “buy” rating to a “neutral” rating and set a $225.00 target price for the company. in a research note on Wednesday, July 24th. Eight equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Tesla currently has an average rating of “Hold” and a consensus price target of $219.00.

Tesla Stock Up 3.3 %

TSLA opened at $269.19 on Thursday. The company has a market cap of $858.50 billion, a P/E ratio of 68.67, a P/E/G ratio of 6.24 and a beta of 2.29. Tesla has a 12 month low of $138.80 and a 12 month high of $271.00. The business’s 50-day moving average price is $230.53 and its 200-day moving average price is $207.45. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 EPS. On average, equities analysts expect that Tesla will post 1.75 EPS for the current year.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Institutional Investors Weigh In On Tesla

A number of hedge funds have recently made changes to their positions in TSLA. Vanguard Group Inc. increased its holdings in shares of Tesla by 1.7% during the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after acquiring an additional 3,795,748 shares in the last quarter. International Assets Investment Management LLC increased its stake in Tesla by 35,611.2% during the 3rd quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock valued at $2,892,160,000 after purchasing an additional 11,023,436 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Tesla by 12.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after buying an additional 1,125,329 shares during the last quarter. Strategic Financial Concepts LLC lifted its stake in shares of Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after buying an additional 5,875,484 shares during the period. Finally, ARK Investment Management LLC grew its holdings in shares of Tesla by 2.6% during the second quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after buying an additional 135,966 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Company Profile

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.