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

Tesla (NASDAQ:TSLA) had its price target lifted by Canaccord Genuity Group from $333.00 to $490.00 in a report released on Tuesday, MarketBeat reports. Canaccord Genuity Group currently has a buy rating on the electric vehicle producer’s stock.

A number of other brokerages have also issued reports on TSLA. Daiwa Capital Markets restated a “neutral” rating on shares of Tesla in a research note on Sunday, July 27th. Morgan Stanley reissued an “overweight” rating and set a $410.00 price target on shares of Tesla in a research report on Friday, September 5th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Tesla in a report on Friday, September 26th. HSBC reissued a “reduce” rating and set a $120.00 target price on shares of Tesla in a report on Thursday, July 3rd. Finally, Piper Sandler upped their price target on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a report on Monday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have assigned a Hold rating and eight have given a Sell rating to the company. According to MarketBeat, Tesla has an average rating of “Hold” and an average target price of $341.46.

Tesla Trading Down 5.1%

Shares of NASDAQ:TSLA opened at $436.00 on Tuesday. The business’s 50-day moving average is $361.74 and its 200 day moving average is $319.98. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla has a 1 year low of $212.11 and a 1 year high of $488.54. The firm has a market capitalization of $1.45 trillion, a P/E ratio of 252.02, a P/E/G ratio of 15.97 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion for the quarter, compared to analysts’ expectations of $23.18 billion. During the same quarter in the previous year, the firm posted $0.52 EPS. Tesla’s revenue was down 11.8% on a year-over-year basis. On average, research analysts predict that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. This represents a 29.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is owned by company insiders.

Institutional Trading of Tesla

Institutional investors and hedge funds have recently modified their holdings of the stock. Cherry Tree Wealth Management LLC boosted its holdings in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank boosted its stake in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 42 shares during the last quarter. Chapman Financial Group LLC purchased a new stake in shares of Tesla during the second quarter worth approximately $26,000. Newton One Investments LLC raised its stake in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new position in Tesla in the 1st quarter valued at $27,000. 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.