Tesla (NASDAQ:TSLA) Price Target Cut to $222.00 by Analysts at Canaccord Genuity Group

Tesla (NASDAQ:TSLA) had its target price lowered by Canaccord Genuity Group from $234.00 to $222.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the electric vehicle producer’s stock.

Other equities analysts also recently issued reports about the stock. Citigroup decreased their price objective on shares of Tesla from $196.00 to $180.00 and set a neutral rating on the stock in a report on Friday, April 12th. KGI Securities reaffirmed a neutral rating and set a $213.00 target price (down from $309.00) on shares of Tesla in a research note on Thursday, January 25th. China Renaissance started coverage on shares of Tesla in a research note on Monday, February 26th. They set a hold rating on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of Tesla from a buy rating to a hold rating and reduced their target price for the stock from $189.00 to $123.00 in a research note on Thursday, April 18th. Finally, Canaccord Genuity Group reduced their target price on shares of Tesla from $267.00 to $234.00 and set a buy rating on the stock in a research note on Thursday, January 25th. Eight analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $186.22.

Tesla Stock Up 12.1 %

NASDAQ:TSLA opened at $162.13 on Wednesday. The firm has a market capitalization of $516.35 billion, a P/E ratio of 41.36, a PEG ratio of 3.82 and a beta of 2.39. Tesla has a 1-year low of $138.80 and a 1-year high of $299.29. The company’s fifty day moving average price is $176.28 and its 200-day moving average price is $208.91. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.73 and a quick ratio of 1.25.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.03). The firm had revenue of $25.17 billion for the quarter, compared to analyst estimates of $25.64 billion. Tesla had a net margin of 14.37% and a return on equity of 13.68%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.07 EPS. As a group, equities research analysts anticipate that Tesla will post 1.97 EPS for the current year.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the completion of the sale, the senior vice president now owns 63,171 shares in the company, valued at approximately $11,188,215.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $204.17, for a total value of $2,143,785.00. Following the transaction, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $6,376,229.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the completion of the transaction, the senior vice president now directly owns 63,171 shares in the company, valued at $11,188,215.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 209,098 shares of company stock worth $38,802,534. 25.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tesla

Institutional investors have recently bought and sold shares of the company. Mount Vernon Associates Inc. MD increased its stake in Tesla by 5.3% in the 4th quarter. Mount Vernon Associates Inc. MD now owns 6,940 shares of the electric vehicle producer’s stock valued at $1,724,000 after buying an additional 350 shares during the period. Oak Ridge Investments LLC grew its stake in shares of Tesla by 4.6% during the 3rd quarter. Oak Ridge Investments LLC now owns 32,230 shares of the electric vehicle producer’s stock worth $8,065,000 after purchasing an additional 1,405 shares during the period. Corient Private Wealth LLC grew its stake in shares of Tesla by 3.7% during the 3rd quarter. Corient Private Wealth LLC now owns 728,615 shares of the electric vehicle producer’s stock worth $182,352,000 after purchasing an additional 25,943 shares during the period. J.W. Cole Advisors Inc. grew its stake in shares of Tesla by 16.6% during the 4th quarter. J.W. Cole Advisors Inc. now owns 46,414 shares of the electric vehicle producer’s stock worth $11,533,000 after purchasing an additional 6,615 shares during the period. Finally, Nordea Investment Management AB grew its stake in shares of Tesla by 11.8% during the 4th quarter. Nordea Investment Management AB now owns 776,765 shares of the electric vehicle producer’s stock worth $193,935,000 after purchasing an additional 81,729 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

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.