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

Tesla (NASDAQ:TSLA) had its price target upped by Canaccord Genuity Group from $254.00 to $278.00 in a research note issued to investors on Thursday morning, MarketBeat.com reports. Canaccord Genuity Group currently has a buy rating on the electric vehicle producer’s stock.

Several other equities research analysts have also weighed in on the stock. Canaccord Genuity Group increased their target price on shares of Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company boosted their target price on Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a research note on Thursday. Wolfe Research assumed coverage on Tesla in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. China Renaissance upgraded Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective on the stock in a report on Friday, July 5th. Finally, Morgan Stanley reissued an “overweight” rating and set a $310.00 target price on shares of Tesla in a research note on Thursday, October 3rd. Eight investment 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $219.00.

Tesla Stock Performance

Tesla stock 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. The company has a market cap of $858.50 billion, a PE ratio of 68.67, a PEG ratio of 6.24 and a beta of 2.29. The company’s 50-day moving average is $230.53 and its two-hundred day moving average is $207.92. Tesla has a 1 year low of $138.80 and a 1 year high of $271.00.

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

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Xiaotong Zhu sold 297 shares of the company’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 transaction, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction dated 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 directly owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tesla

A number of large investors have recently made changes to their positions in the company. Bank & Trust Co bought a new position in Tesla during the 2nd quarter worth $25,000. Valley Wealth Managers Inc. acquired a new stake in Tesla in the 2nd quarter worth about $26,000. Abich Financial Wealth Management LLC boosted its holdings 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 period. Clean Yield Group boosted its holdings in Tesla by 60.0% in the 3rd 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 during the period. Finally, M&R Capital Management Inc. increased 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 period. 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.