Tesla (NASDAQ:TSLA) PT Raised to $278.00 at Canaccord Genuity Group

Tesla (NASDAQ:TSLA) had its price objective hoisted by analysts at Canaccord Genuity Group from $254.00 to $278.00 in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm currently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 3.27% from the stock’s current price.

Several other analysts have also issued reports on TSLA. The Goldman Sachs Group reiterated a “neutral” rating and set a $230.00 price objective on shares of Tesla in a report on Friday, October 11th. Wells Fargo & Company reiterated an “underweight” rating and set a $120.00 price target on shares of Tesla in a report on Monday, July 1st. HSBC restated a “reduce” rating and issued a $124.00 price objective on shares of Tesla in a report on Friday, October 11th. China Renaissance raised shares of Tesla from a “hold” rating to a “buy” rating and set a $290.00 target price for the company in a research report on Friday, July 5th. Finally, Morgan Stanley restated an “overweight” rating and set a $310.00 price target on shares of Tesla in a report on Thursday, October 3rd. Eight equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $219.00.

Tesla Trading Up 3.3 %

Shares of NASDAQ TSLA opened at $269.19 on Thursday. 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 has a one year low of $138.80 and a one year high of $271.00. The business has a 50-day moving average price of $229.47 and a two-hundred day moving average price of $206.79. The firm has a market capitalization of $859.97 billion, a PE ratio of 74.97, a PEG ratio of 6.24 and a beta of 2.29.

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

Insider Activity

In related news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade 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 available through this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, 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 legal filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The trade was 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 currently owned by company insiders.

Institutional Investors Weigh In On Tesla

A number of hedge funds have recently made changes to their positions in TSLA. Bank & Trust Co acquired a new stake in shares of Tesla during the second quarter worth approximately $25,000. Valley Wealth Managers Inc. acquired a new stake in Tesla during the 2nd quarter valued at $26,000. Abich Financial Wealth Management LLC raised its position in Tesla by 168.8% in the 2nd 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 during the last quarter. Clean Yield Group boosted 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 worth $33,000 after purchasing an additional 48 shares in the last quarter. Finally, M&R Capital Management Inc. grew its holdings in shares of Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

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.