Tesla (NASDAQ:TSLA) Given New $278.00 Price Target at Canaccord Genuity Group

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

Several other equities analysts have also commented on the company. Barclays lowered their target price on Tesla from $225.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Cantor Fitzgerald restated a “neutral” rating and set a $245.00 price objective on shares of Tesla in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Thursday. Piper Sandler increased their price objective on shares of Tesla from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Finally, Sanford C. Bernstein reissued an “underperform” rating and set a $120.00 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 given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $219.00.

Tesla Stock Performance

Shares of TSLA opened at $269.19 on Thursday. The stock has a market capitalization of $858.50 billion, a PE ratio of 68.67, a price-to-earnings-growth ratio of 6.24 and a beta of 2.29. The business’s fifty day moving average price is $230.53 and its 200 day moving average price is $207.45. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla has a 12-month low of $138.80 and a 12-month high of $271.00.

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

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 8,000 shares of Tesla 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 transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 25.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Tesla by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after buying an additional 3,795,748 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Tesla by 35,611.2% in the third quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after acquiring an additional 11,023,436 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Tesla by 12.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after acquiring an additional 1,125,329 shares in the last quarter. Strategic Financial Concepts LLC boosted its position in Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after purchasing an additional 5,875,484 shares during the last quarter. Finally, ARK Investment Management LLC increased its position in Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock worth $1,051,613,000 after purchasing an additional 135,966 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

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.