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

Tesla (NASDAQ:TSLA) had its target price trimmed by Canaccord Genuity Group from $234.00 to $222.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the electric vehicle producer’s stock.

Several other research firms also recently commented on TSLA. Edward Jones downgraded Tesla from a buy rating to a hold rating in a research report on Friday, January 26th. Sanford C. Bernstein dropped their target price on Tesla from $150.00 to $120.00 and set an underperform rating for the company in a research report on Tuesday, March 26th. Barclays dropped their target price on Tesla from $225.00 to $180.00 and set an equal weight rating for the company in a research report on Wednesday, April 17th. Mizuho decreased their price target on Tesla from $195.00 to $180.00 and set a neutral rating for the company in a research note on Wednesday. Finally, TD Cowen decreased their price target on Tesla from $200.00 to $180.00 and set a market perform rating for the company in a research note on Thursday, January 25th. Eight equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $186.22.

Tesla Price Performance

Shares of TSLA stock opened at $162.13 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 0.05. Tesla has a twelve month low of $138.80 and a twelve month high of $299.29. The company has a market cap of $516.35 billion, a P/E ratio of 41.36, a P/E/G ratio of 3.82 and a beta of 2.39. The business has a fifty day simple moving average of $176.28 and a 200 day simple moving average of $208.91.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data 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 return on equity of 13.68% and a net margin of 14.37%. The business had revenue of $25.17 billion for the quarter, compared to the consensus estimate of $25.64 billion. During the same quarter in the prior year, the company earned $1.07 earnings per share. Tesla’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, sell-side analysts forecast that Tesla will post 1.97 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 93,706 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the sale, the director now directly owns 15,000 shares in the company, valued at approximately $2,920,950. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 15,000 shares in the company, valued at approximately $2,920,950. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $204.17, for a total value of $2,143,785.00. Following the completion of the transaction, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The disclosure for this sale can be found here. Insiders have sold a total of 209,098 shares of company stock worth $38,802,534 over the last ninety days. 25.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tesla

Institutional investors have recently bought and sold shares of the stock. Mount Vernon Associates Inc. MD boosted its holdings in Tesla by 5.3% during the 4th quarter. Mount Vernon Associates Inc. MD now owns 6,940 shares of the electric vehicle producer’s stock valued at $1,724,000 after acquiring an additional 350 shares during the period. Oak Ridge Investments LLC boosted its holdings in Tesla by 4.6% during the 3rd quarter. Oak Ridge Investments LLC now owns 32,230 shares of the electric vehicle producer’s stock valued at $8,065,000 after acquiring an additional 1,405 shares during the period. Corient Private Wealth LLC lifted its holdings in Tesla by 3.7% in the 3rd quarter. Corient Private Wealth LLC now owns 728,615 shares of the electric vehicle producer’s stock worth $182,352,000 after buying an additional 25,943 shares during the period. J.W. Cole Advisors Inc. lifted its holdings in Tesla by 16.6% in the 4th quarter. J.W. Cole Advisors Inc. now owns 46,414 shares of the electric vehicle producer’s stock worth $11,533,000 after buying an additional 6,615 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in Tesla by 11.8% in the 4th quarter. Nordea Investment Management AB now owns 776,765 shares of the electric vehicle producer’s stock worth $193,935,000 after buying an additional 81,729 shares during the period. 66.20% of the stock is currently owned by hedge funds and other 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.