Tesla (NASDAQ:TSLA) Rating Reiterated by Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Tesla (NASDAQ:TSLA) in a report published on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a $254.00 price objective on the electric vehicle producer’s stock.

Several other analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft restated a buy rating and issued a $295.00 price target on shares of Tesla in a research note on Tuesday. Citigroup lowered their price objective on Tesla from $274.00 to $258.00 and set a neutral rating on the stock in a research report on Wednesday, July 24th. New Street Research cut Tesla from a buy rating to a neutral rating and set a $225.00 price objective on the stock. in a research report on Wednesday, July 24th. William Blair assumed coverage on Tesla in a research report on Thursday, August 29th. They set an outperform rating on the stock. Finally, Piper Sandler reiterated an overweight rating and set a $300.00 price objective on shares of Tesla in a research report on Monday, August 19th. Nine analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Tesla presently has a consensus rating of Hold and a consensus target price of $209.60.

Tesla Price Performance

Shares of TSLA opened at $230.29 on Friday. The company’s 50-day moving average is $223.37 and its 200-day moving average is $194.66. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The firm has a market capitalization of $735.69 billion, a PE ratio of 58.75, a PEG ratio of 6.03 and a beta of 2.29. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $278.98.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same period in the prior year, the company earned $0.78 earnings per share. The firm’s revenue was up 2.3% compared to the same quarter last year. Equities analysts forecast that Tesla will post 1.75 EPS for the current year.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. The disclosure for this sale can be found here. 25.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of TSLA. Atalanta Sosnoff Capital LLC raised its holdings in shares of Tesla by 3.7% during the fourth quarter. Atalanta Sosnoff Capital LLC now owns 183,297 shares of the electric vehicle producer’s stock valued at $45,546,000 after purchasing an additional 6,575 shares during the period. Newbridge Financial Services Group Inc. raised its stake in Tesla by 7.4% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 28,222 shares of the electric vehicle producer’s stock worth $7,013,000 after buying an additional 1,943 shares during the period. Entropy Technologies LP bought a new position in Tesla in the first quarter worth approximately $1,941,000. Future Financial Wealth Managment LLC acquired a new stake in Tesla in the first quarter valued at approximately $79,000. Finally, Public Employees Retirement System of Ohio raised its position in shares of Tesla by 0.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 1,413,257 shares of the electric vehicle producer’s stock worth $351,166,000 after purchasing an additional 6,034 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

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.