Tesla (NASDAQ:TSLA) Price Target Raised to $400.00 at Canaccord Genuity Group

Tesla (NASDAQ:TSLA) had its price target boosted by Canaccord Genuity Group from $298.00 to $400.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the electric vehicle producer’s stock.

A number of other equities analysts have also recently commented on TSLA. HSBC restated a “reduce” rating and set a $124.00 target price on shares of Tesla in a report on Friday, October 11th. Roth Capital raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Truist Financial reissued a “hold” rating and issued a $360.00 price target on shares of Tesla in a research report on Thursday. Wells Fargo & Company upped their price objective on Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Finally, The Goldman Sachs Group lifted their target price on Tesla from $250.00 to $345.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Nine research analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $283.39.

Tesla Price Performance

Tesla stock opened at $410.44 on Friday. The company’s 50 day simple moving average is $359.54 and its 200-day simple moving average is $271.59. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. Tesla has a 1 year low of $138.80 and a 1 year high of $488.54. The company has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 112.45, a price-to-earnings-growth ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. During the same quarter in the previous year, the company earned $0.53 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts expect that Tesla will post 1.99 earnings per share for the current year.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $251.76, for a total value of $1,007,040.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,442,856.32. The trade was a 3.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kimbal Musk sold 60,500 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the sale, the director now directly owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. The trade was a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 514,886 shares of company stock worth $169,393,831 in the last 90 days. 20.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Tesla

A number of large investors have recently bought and sold shares of TSLA. World Investment Advisors LLC boosted its position in shares of Tesla by 1,248.9% during the 3rd quarter. World Investment Advisors LLC now owns 199,229 shares of the electric vehicle producer’s stock worth $52,124,000 after purchasing an additional 184,459 shares in the last quarter. Destination Wealth Management grew its position in shares of Tesla by 12.1% in the third quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock valued at $3,296,000 after purchasing an additional 1,359 shares during the period. Vinva Investment Management Ltd increased its position in Tesla by 59.2% during the third quarter. Vinva Investment Management Ltd now owns 117,457 shares of the electric vehicle producer’s stock worth $30,593,000 after purchasing an additional 43,685 shares during the last quarter. MML Investors Services LLC grew its position in Tesla by 3.3% during the third quarter. MML Investors Services LLC now owns 309,382 shares of the electric vehicle producer’s stock valued at $80,944,000 after acquiring an additional 9,919 shares during the period. Finally, Oppenheimer & Co. Inc. grew its stake in Tesla by 1.2% during the third quarter. Oppenheimer & Co. Inc. now owns 144,482 shares of the electric vehicle producer’s stock worth $37,801,000 after buying an additional 1,741 shares during the period. Hedge funds and other 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.