Tesla (NASDAQ:TSLA) PT Raised to $254.00 at Canaccord Genuity Group

Tesla (NASDAQ:TSLA) had its price objective boosted by equities researchers at Canaccord Genuity Group from $222.00 to $254.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s target price points to a potential upside of 3.09% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. HSBC reduced their price objective on shares of Tesla from $138.00 to $120.00 and set a “reduce” rating for the company in a research note on Wednesday, April 24th. Barclays dropped their target price on shares of Tesla from $225.00 to $180.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $230.00 target price on shares of Tesla in a research report on Monday. Royal Bank of Canada dropped their target price on shares of Tesla from $293.00 to $227.00 and set an “outperform” rating for the company in a research report on Thursday, June 20th. Finally, Mizuho dropped their target price on shares of Tesla from $195.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Seven research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $189.47.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $246.39 on Wednesday. The company has a 50 day moving average of $182.57 and a 200 day moving average of $191.32. The stock has a market cap of $785.79 billion, a P/E ratio of 62.85, a P/E/G ratio of 5.74 and a beta of 2.31. Tesla has a 12 month low of $138.80 and a 12 month high of $299.29. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Tuesday, April 23rd. The electric vehicle producer reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. The company had revenue of $21.30 billion during the quarter, compared to analysts’ expectations of $22.15 billion. Tesla had a net margin of 14.37% and a return on equity of 13.18%. As a group, sell-side analysts forecast that Tesla will post 1.86 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the sale, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at $2,772,900. The disclosure for this sale can be found here. Insiders own 20.90% of the company’s stock.

Institutional Trading of Tesla

A number of hedge funds and other institutional investors have recently modified their holdings of TSLA. Norges Bank purchased a new stake in Tesla during the 4th quarter valued at about $7,844,757,000. International Assets Investment Management LLC grew its position in Tesla by 25,990.7% during the 4th quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock valued at $1,541,273,000 after purchasing an additional 6,179,032 shares during the last quarter. Vanguard Group Inc. grew its position in Tesla by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after purchasing an additional 3,866,361 shares during the last quarter. Morgan Stanley grew its position in Tesla by 7.8% during the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock valued at $7,546,823,000 after purchasing an additional 2,177,397 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Tesla by 2,101.1% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock valued at $365,064,000 after purchasing an additional 1,402,443 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

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.