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

Tesla (NASDAQ:TSLA) had its price objective raised by stock analysts at Canaccord Genuity Group from $298.00 to $400.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s price target points to a potential upside of 5.46% from the company’s current price.

TSLA has been the topic of several other reports. Cantor Fitzgerald lifted their target price on Tesla from $255.00 to $365.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. raised their price objective on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. Piper Sandler increased their price target on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. HSBC reiterated a “reduce” rating and issued a $124.00 price target on shares of Tesla in a research note on Friday, October 11th. Finally, Roth Capital raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Nine investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus price target of $279.45.

Tesla Stock Down 6.1 %

Shares of NASDAQ TSLA opened at $379.28 on Friday. Tesla has a 12-month low of $138.80 and a 12-month high of $488.54. 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’s 50-day simple moving average is $359.54 and its 200 day simple moving average is $271.59. The company has a market cap of $1.22 trillion, a price-to-earnings ratio of 103.91, a price-to-earnings-growth ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same period in the previous year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, research analysts expect that Tesla will post 1.99 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $250.23, for a total value of $15,138,915.00. Following the completion of the transaction, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. The trade was a 3.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $251.76, for a total value of $1,007,040.00. Following the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,442,856.32. This trade represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 514,886 shares of company stock worth $169,393,831 over the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Large investors have recently bought and sold shares of the stock. Transcendent Capital Group LLC purchased a new stake in shares of Tesla during the third quarter worth about $29,000. Clean Yield Group increased its stake in Tesla by 60.0% during 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. Abich Financial Wealth Management LLC boosted its position in Tesla by 168.8% in 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 during the period. Valley Wealth Managers Inc. acquired a new position in Tesla during the 2nd quarter worth $26,000. Finally, Peterson Financial Group Inc. acquired a new stake in Tesla in the third quarter valued at approximately $35,000. Hedge funds and other 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.