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

Tesla (NASDAQ:TSLA) had its price objective boosted by equities researchers at Canaccord Genuity Group from $254.00 to $278.00 in a note issued to investors on Thursday, Briefing.com reports. The brokerage currently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 30.12% from the company’s current price.

TSLA has been the subject of a number of other research reports. Cantor Fitzgerald reissued a “neutral” rating and set a $245.00 target price on shares of Tesla in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $295.00 target price on shares of Tesla in a research report on Tuesday, September 10th. Wells Fargo & Company restated an “underweight” rating and set a $120.00 price objective on shares of Tesla in a report on Monday, July 1st. Robert W. Baird restated an “outperform” rating and set a $280.00 price objective on shares of Tesla in a report on Tuesday, August 20th. Finally, Wolfe Research assumed coverage on shares of Tesla in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Eight investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $214.18.

Tesla Stock Down 2.0 %

Tesla stock opened at $213.65 on Thursday. The firm has a market cap of $682.53 billion, a price-to-earnings ratio of 60.01, a P/E/G ratio of 6.24 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $271.00. The firm has a fifty day moving average price of $228.54 and a two-hundred day moving average price of $206.41.

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

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents 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 this link. In related news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tesla

Large investors have recently bought and sold shares of the company. Bank & Trust Co bought a new stake in Tesla in the second quarter valued at approximately $25,000. Clean Yield Group increased its stake in Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares in the last quarter. Abich Financial Wealth Management LLC increased its stake in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Valley Wealth Managers Inc. bought a new stake in Tesla in the second quarter valued at approximately $26,000. Finally, M&R Capital Management Inc. increased its stake in Tesla by 263.2% in the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares in the last quarter. Institutional investors 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.