Tesla (NASDAQ:TSLA) Price Target Increased to $278.00 by Analysts at Canaccord Genuity Group

by · The Markets Daily

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

Several other equities research analysts also recently weighed in on the stock. Wolfe Research assumed coverage on shares of Tesla in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Robert W. Baird reaffirmed an “outperform” rating and set a $280.00 price target on shares of Tesla in a research note on Tuesday, August 20th. Truist Financial raised their price objective on Tesla from $215.00 to $236.00 and gave the company a “hold” rating in a research note on Thursday, October 3rd. Wells Fargo & Company reaffirmed an “underweight” rating and set a $120.00 target price on shares of Tesla in a research report on Monday, July 1st. Finally, Jefferies Financial Group lifted their price target on shares of Tesla from $165.00 to $195.00 and gave the company a “hold” rating in a research report on Monday. Eight investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tesla currently has a consensus rating of “Hold” and a consensus target price of $218.18.

View Our Latest Stock Analysis on TSLA

Tesla Stock Up 21.9 %

Shares of Tesla stock opened at $260.48 on Thursday. The firm has a market cap of $832.14 billion, a price-to-earnings ratio of 73.17, a PEG ratio of 6.24 and a beta of 2.29. The stock’s 50-day moving average is $228.54 and its 200 day moving average is $206.41. 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 one year low of $138.80 and a one year high of $271.00.

Tesla (NASDAQ:TSLA – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 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 the consensus estimate of $25.47 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 EPS. Equities research analysts anticipate that Tesla will post 1.75 EPS for the current year.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $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 available at the SEC website. In other news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s 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 completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank & Trust Co bought a new position in shares of Tesla in the second quarter valued at approximately $25,000. Valley Wealth Managers Inc. bought a new position in Tesla in the 2nd quarter valued at $26,000. Abich Financial Wealth Management LLC grew its position 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 purchasing an additional 81 shares in the last quarter. Clean Yield Group increased its holdings in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares during the period. Finally, M&R Capital Management Inc. raised its position in shares of Tesla by 263.2% in the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Company Profile

(Get Free Report)

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.

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