Canaccord Genuity Group Forecasts Strong Price Appreciation for Tesla (NASDAQ:TSLA) Stock

Tesla (NASDAQ:TSLA) had its price target boosted by research analysts at Canaccord Genuity Group from $298.00 to $400.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s target price suggests a potential downside of 2.54% from the company’s previous close.

Several other equities analysts have also recently issued reports on TSLA. The Goldman Sachs Group boosted their price objective on Tesla from $250.00 to $345.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Bank of America upped their price objective on Tesla from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Roth Mkm raised shares of Tesla from a “neutral” rating to a “buy” rating and lifted their target price for the company from $85.00 to $380.00 in a report on Monday, December 2nd. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Thursday, October 24th. Finally, Morgan Stanley upped their price objective on shares of Tesla from $310.00 to $400.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 10th. Nine research analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Tesla currently has a consensus rating of “Hold” and a consensus price target of $283.39.

Tesla Stock Performance

TSLA opened at $410.44 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. Tesla has a 12-month low of $138.80 and a 12-month high of $488.54. The firm has a 50 day moving average of $362.37 and a two-hundred day moving average of $273.14. The firm has a market capitalization of $1.32 trillion, a PE ratio of 112.45, a P/E/G ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter last year, the company posted $0.53 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. On average, analysts anticipate that Tesla will post 1.99 EPS for the current year.

Insider Activity at Tesla

In other Tesla news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $374.21, for a total transaction of $975,191.26. Following the sale, the chief financial officer now owns 108,965 shares of the company’s stock, valued at approximately $40,775,792.65. This represents a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 514,886 shares of company stock worth $169,393,831. Insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Connable Office Inc. lifted its stake in Tesla by 0.3% during the 3rd quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock worth $3,368,000 after acquiring an additional 38 shares in the last quarter. Community Bank N.A. increased its stake in Tesla by 4.4% during the third quarter. Community Bank N.A. now owns 908 shares of the electric vehicle producer’s stock worth $238,000 after purchasing an additional 38 shares during the period. Holistic Financial Partners boosted its stake in shares of Tesla by 1.0% in the third quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer’s stock valued at $1,061,000 after purchasing an additional 40 shares during the period. Sherrill & Hutchins Financial Advisory Inc grew its holdings in shares of Tesla by 1.4% in the third quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock valued at $800,000 after purchasing an additional 43 shares in the last quarter. Finally, Altman Advisors Inc. increased its stake in Tesla by 0.4% during the 3rd quarter. Altman Advisors Inc. now owns 10,754 shares of the electric vehicle producer’s stock worth $2,814,000 after buying an additional 43 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.