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

Tesla (NASDAQ:TSLA) had its target price increased by stock analysts at Canaccord Genuity Group from $222.00 to $254.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 3.09% from the company’s current price.

Several other equities analysts have also recently issued reports on TSLA. Wedbush lifted their price target on Tesla from $275.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday. Truist Financial reissued a “hold” rating and set a $162.00 price objective on shares of Tesla in a research note on Wednesday. JPMorgan Chase & Co. reduced their price objective on Tesla from $130.00 to $115.00 and set an “underweight” rating for the company in a research note on Wednesday, April 3rd. Jefferies Financial Group reduced their price objective on Tesla from $185.00 to $165.00 and set a “hold” rating for the company in a research note on Wednesday, April 10th. Finally, Guggenheim raised their price objective on Tesla from $126.00 to $134.00 and gave the stock a “sell” rating in a research note on Wednesday. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $189.47.

Tesla Stock Up 6.5 %

Shares of TSLA stock opened at $246.39 on Wednesday. Tesla has a 1 year low of $138.80 and a 1 year high of $299.29. The stock has a market cap of $785.79 billion, a PE ratio of 62.85, a price-to-earnings-growth ratio of 5.74 and a beta of 2.31. The business’s fifty day moving average is $182.57 and its 200-day moving average is $191.32. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.17 and a current ratio of 1.72.

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

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the firm’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 transaction, the director now directly owns 15,000 shares in the company, valued at $2,772,900. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Tesla news, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the transaction, the senior vice president now directly owns 65,155 shares in the company, valued at $11,350,652.55. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the transaction, the director now 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.

Hedge Funds Weigh In On Tesla

Several institutional investors have recently bought and sold shares of the stock. Wyrmwood Management LLC bought a new position in shares of Tesla in the fourth quarter worth about $25,000. Lam Group Inc. bought a new position in shares of Tesla in the fourth quarter worth about $25,000. Mendota Financial Group LLC increased its stake in shares of Tesla by 202.2% in the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after purchasing an additional 91 shares during the period. OLD Point Trust & Financial Services N A bought a new position in shares of Tesla in the fourth quarter worth about $37,000. Finally, Kathleen S. Wright Associates Inc. increased its stake in shares of Tesla by 111.1% in the fourth quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock worth $47,000 after purchasing an additional 100 shares during the period. 66.20% of the stock is currently owned by 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.