Canaccord Genuity Group Issues Positive Forecast for Tesla (NASDAQ:TSLA) Stock Price

Tesla (NASDAQ:TSLA) had its price objective lifted by Canaccord Genuity Group from $298.00 to $400.00 in a report published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the electric vehicle producer’s stock.

A number of other research firms also recently commented on TSLA. Wolfe Research initiated coverage on Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Thursday, October 24th. HSBC reiterated a “reduce” rating and set a $124.00 target price on shares of Tesla in a research report on Friday, October 11th. Guggenheim upped their price target on shares of Tesla from $156.00 to $175.00 and gave the company a “sell” rating in a report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Tesla from $295.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Nine research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $283.39.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $410.44 on Friday. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The company has a market cap of $1.32 trillion, a PE ratio of 112.45, a P/E/G ratio of 10.80 and a beta of 2.36. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The firm has a 50-day simple moving average of $359.54 and a 200 day simple moving average of $271.59.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the previous year, the business earned $0.53 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, sell-side analysts anticipate that Tesla will post 1.99 EPS for the current year.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $374.21, for a total value of $975,191.26. Following the sale, the chief financial officer now owns 108,965 shares in the company, valued at approximately $40,775,792.65. This trade represents a 2.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $346.02, for a total value of $34,602,000.00. Following the transaction, the director now owns 5,400 shares of the company’s stock, valued at approximately $1,868,508. The trade was a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 514,886 shares of company stock valued at $169,393,831. Company insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Hedge funds have recently made changes to their positions in the stock. Transcendent Capital Group LLC purchased a new stake in Tesla during the third quarter valued at about $29,000. Clean Yield Group lifted its position in Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the last quarter. Abich Financial Wealth Management LLC boosted its stake in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares in the last quarter. Valley Wealth Managers Inc. bought a new position in Tesla during the second quarter valued at approximately $26,000. Finally, Peterson Financial Group Inc. bought a new stake in shares of Tesla in the 3rd quarter worth approximately $35,000. 66.20% of the stock is owned by institutional investors.

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.