Canaccord Genuity Group Reiterates “Buy” Rating for Tesla (NASDAQ:TSLA)

Tesla (NASDAQ:TSLA)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity Group in a research note issued to investors on Friday, Benzinga reports. They currently have a $254.00 price target on the electric vehicle producer’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 10.30% from the company’s current price.

Several other research analysts also recently commented on the stock. Citigroup cut their price target on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. KGI Securities reissued a “neutral” rating and set a $236.00 price objective on shares of Tesla in a research note on Thursday, July 25th. Wells Fargo & Company restated an “underweight” rating and issued a $120.00 target price on shares of Tesla in a research note on Monday, July 1st. Glj Research reaffirmed a “sell” rating and issued a $24.86 price target on shares of Tesla in a report on Thursday, September 5th. Finally, Morgan Stanley reissued an “overweight” rating and set a $310.00 price objective on shares of Tesla in a report on Thursday, September 5th. Nine analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $209.60.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $230.29 on Friday. The stock has a fifty day moving average of $223.37 and a 200-day moving average of $194.63. The stock has a market cap of $735.69 billion, a PE ratio of 58.75, a price-to-earnings-growth ratio of 6.08 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $278.98.

Tesla (NASDAQ:TSLA) last posted 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). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. During the same period in the previous year, the firm earned $0.78 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. Equities research analysts anticipate that Tesla will post 1.75 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction that occurred 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 approximately $14,967,479.07. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The disclosure for this sale can be found here. 25.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TSLA. Bank & Trust Co purchased a new stake in Tesla in the second quarter worth $25,000. Valley Wealth Managers Inc. bought a new stake in shares of Tesla during the 2nd quarter valued at $26,000. Abich Financial Wealth Management LLC boosted its holdings in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares in the last quarter. OLD Point Trust & Financial Services N A purchased a new stake in shares of Tesla in the 4th quarter worth about $37,000. Finally, Kessler Investment Group LLC increased its stake in shares of Tesla by 35.9% in the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after acquiring an additional 51 shares in the last quarter. Institutional investors 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.