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

Tesla (NASDAQ:TSLA) had its price objective cut by Canaccord Genuity Group from $234.00 to $222.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the electric vehicle producer’s stock.

Other equities analysts have also issued research reports about the company. Wedbush restated an outperform rating and issued a $300.00 price target on shares of Tesla in a research note on Friday, April 19th. Morgan Stanley cut their price target on Tesla from $320.00 to $310.00 and set an overweight rating for the company in a research note on Thursday, April 4th. The Goldman Sachs Group cut their price target on Tesla from $190.00 to $175.00 and set a neutral rating for the company in a research note on Tuesday, April 9th. Robert W. Baird reiterated an outperform rating and set a $280.00 price objective on shares of Tesla in a research note on Wednesday, April 17th. Finally, UBS Group cut their price objective on Tesla from $225.00 to $165.00 and set a neutral rating for the company in a research note on Thursday, March 14th. Eight equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $186.70.

Tesla Stock Performance

Shares of TSLA stock opened at $168.29 on Wednesday. The stock has a market cap of $536.71 billion, a PE ratio of 42.93, a price-to-earnings-growth ratio of 4.50 and a beta of 2.39. The business has a 50-day simple moving average of $175.04 and a 200-day simple moving average of $207.61. The company has a quick ratio of 1.25, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. Tesla has a 52-week low of $138.80 and a 52-week high of $299.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.03). Tesla had a net margin of 14.37% and a return on equity of 13.18%. The business had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. During the same quarter in the prior year, the firm earned $1.07 EPS. Tesla’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities analysts expect that Tesla will post 1.97 EPS for the current year.

Insider Buying and Selling

In related news, Director Robyn M. Denholm sold 93,706 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $2,920,950. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total value of $16,439,605.20. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $2,631,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 93,706 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at $2,920,950. The disclosure for this sale can be found here. Over the last three months, insiders sold 209,098 shares of company stock worth $38,802,534. Company insiders own 25.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Opal Wealth Advisors LLC boosted its position in shares of Tesla by 1.0% during the third quarter. Opal Wealth Advisors LLC now owns 4,353 shares of the electric vehicle producer’s stock worth $1,089,000 after buying an additional 42 shares during the period. Holderness Investments Co. boosted its position in shares of Tesla by 1.6% during the third quarter. Holderness Investments Co. now owns 2,599 shares of the electric vehicle producer’s stock worth $650,000 after buying an additional 42 shares during the period. SCS Capital Management LLC boosted its position in shares of Tesla by 0.3% during the third quarter. SCS Capital Management LLC now owns 16,881 shares of the electric vehicle producer’s stock worth $4,224,000 after buying an additional 45 shares during the period. Daymark Wealth Partners LLC boosted its position in shares of Tesla by 0.4% during the fourth quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer’s stock worth $2,622,000 after buying an additional 45 shares during the period. Finally, ML & R Wealth Management LLC boosted its position in shares of Tesla by 2.6% during the third quarter. ML & R Wealth Management LLC now owns 1,819 shares of the electric vehicle producer’s stock worth $455,000 after buying an additional 46 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

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.