Tesla’s (TSLA) Buy Rating Reaffirmed at Canaccord Genuity Group

Tesla (NASDAQ:TSLA)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group in a report issued on Tuesday,Benzinga reports. They presently have a $404.00 target price on the electric vehicle producer’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 81.86% from the company’s current price.

Several other analysts have also recently issued reports on the stock. Piper Sandler upped their price target on shares of Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Wedbush restated an “outperform” rating and issued a $550.00 target price on shares of Tesla in a research note on Friday. Truist Financial increased their price target on shares of Tesla from $351.00 to $373.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. Jefferies Financial Group boosted their price objective on Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a report on Thursday, November 14th. Finally, TD Cowen raised Tesla from a “hold” rating to a “buy” rating and increased their target price for the stock from $180.00 to $388.00 in a report on Friday. Nine analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Tesla presently has a consensus rating of “Hold” and an average price target of $326.43.

Tesla Trading Down 15.4 %

NASDAQ TSLA opened at $222.15 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The firm has a market capitalization of $714.55 billion, a price-to-earnings ratio of 108.90, a PEG ratio of 5.86 and a beta of 2.50. The company’s 50 day moving average price is $363.87 and its 200 day moving average price is $319.46. Tesla has a one year low of $138.80 and a one year high of $488.54.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. On average, sell-side analysts predict that Tesla will post 2.56 EPS for the current year.

Insider Activity

In other Tesla news, Director Kimbal Musk sold 75,000 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $367.87, for a total value of $27,590,250.00. Following the completion of the sale, the director now directly owns 1,463,220 shares of the company’s stock, valued at approximately $538,274,741.40. This represents a 4.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the transaction, the director now owns 5,400 shares of the company’s stock, valued at approximately $2,222,802. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 422,452 shares of company stock worth $153,659,530 over the last three months. Corporate insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. True Wealth Design LLC lifted its position in shares of Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 31 shares during the last quarter. Horrell Capital Management Inc. raised its position in shares of Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after purchasing an additional 34 shares during the period. GS Investments Inc. lifted its holdings in shares of Tesla by 193.3% during the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 58 shares during the last quarter. Navigoe LLC acquired a new position in shares of Tesla in the 4th quarter valued at $37,000. Finally, CoreFirst Bank & Trust purchased a new position in Tesla in the 4th quarter worth about $38,000. 66.20% of the stock is 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.