Canaccord Genuity Group Cuts Tesla (NASDAQ:TSLA) Price Target to $222.00

Tesla (NASDAQ:TSLA) had its price objective lowered by analysts at Canaccord Genuity Group from $234.00 to $222.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 53.44% from the stock’s previous close.

Several other equities analysts have also recently weighed in on TSLA. Guggenheim reaffirmed a “sell” rating and issued a $122.00 price target on shares of Tesla in a research report on Tuesday. Robert W. Baird reaffirmed an “outperform” rating and issued a $280.00 price target on shares of Tesla in a research report on Wednesday, April 17th. Wedbush reissued an “outperform” rating and set a $300.00 target price on shares of Tesla in a research report on Friday, April 19th. Citigroup dropped their target price on shares of Tesla from $196.00 to $180.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Finally, Redburn Atlantic assumed coverage on shares of Tesla in a research report on Wednesday, January 24th. They set a “sell” rating and a $170.00 target price on the stock. Eight analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $187.67.

Tesla Stock Performance

Shares of Tesla stock opened at $144.68 on Wednesday. The company has a market cap of $460.78 billion, a P/E ratio of 33.57, a PEG ratio of 3.75 and a beta of 2.39. The business has a 50-day moving average price of $176.81 and a two-hundred day moving average price of $209.24. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 0.05. Tesla has a 1-year low of $138.80 and a 1-year high of $299.29.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). The company had revenue of $25.17 billion for the quarter, compared to the consensus estimate of $25.64 billion. Tesla had a return on equity of 16.62% and a net margin of 15.50%. Tesla’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the company earned $1.07 EPS. As a group, analysts anticipate that Tesla will post 1.97 EPS for the current year.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $204.17, for a total value of $2,143,785.00. Following the transaction, the senior vice president now owns 31,230 shares in the company, valued at $6,376,229.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the transaction, the senior vice president now owns 31,230 shares in the company, valued at $6,376,229.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the transaction, the senior vice president now owns 63,171 shares in the company, valued at approximately $11,188,215.81. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 209,098 shares of company stock worth $38,802,534. 20.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tesla

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Tesla by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after acquiring an additional 3,866,361 shares in the last quarter. Norges Bank bought a new stake in Tesla during the 4th quarter valued at about $7,844,757,000. Morgan Stanley lifted its holdings in Tesla by 7.8% during the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock valued at $7,546,823,000 after buying an additional 2,177,397 shares in the last quarter. FMR LLC lifted its holdings in Tesla by 0.9% during the 3rd quarter. FMR LLC now owns 29,040,734 shares of the electric vehicle producer’s stock valued at $7,266,572,000 after buying an additional 269,182 shares in the last quarter. Finally, Northern Trust Corp increased its position in Tesla by 3.4% during the 3rd quarter. Northern Trust Corp now owns 27,542,824 shares of the electric vehicle producer’s stock valued at $6,891,765,000 after purchasing an additional 909,170 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

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.