Canaccord Genuity Raises Tesla (TSLA) Price Target to $394.00

Tesla (NASDAQ:TSLA) had its price target boosted by investment analysts at Canaccord Genuity from $391.00 to $394.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity’s price target would suggest a potential upside of 62.41% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. JMP Securities set a $408.00 price objective on shares of Tesla and gave the company a “buy” rating in a research note on Tuesday, January 22nd. ValuEngine cut shares of Tesla from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 19th. Jefferies Financial Group set a $450.00 price target on shares of Tesla and gave the stock a “buy” rating in a report on Thursday, January 31st. BidaskClub raised shares of Tesla from a “hold” rating to a “buy” rating in a report on Saturday, February 2nd. Finally, Berenberg Bank set a $500.00 price target on shares of Tesla and gave the stock a “buy” rating in a report on Friday, March 1st. Sixteen research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $310.68.

NASDAQ TSLA traded down $5.03 on Tuesday, hitting $242.60. 3,927,087 shares of the company’s stock traded hands, compared to its average volume of 8,863,248. The company has a current ratio of 0.83, a quick ratio of 0.52 and a debt-to-equity ratio of 1.63. Tesla has a 1-year low of $246.07 and a 1-year high of $387.46. The stock has a market cap of $45.58 billion, a price-to-earnings ratio of -42.41 and a beta of 0.35.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, April 24th. The electric vehicle producer reported ($4.10) EPS for the quarter, missing the consensus estimate of ($2.51) by ($1.59). Tesla had a negative net margin of 4.55% and a negative return on equity of 18.50%. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the previous year, the firm posted ($3.35) earnings per share. The business’s revenue was up 33.2% on a year-over-year basis. Analysts forecast that Tesla will post -2.01 EPS for the current year.

In related news, Director Antonio J. Gracias sold 16,780 shares of the company’s stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $306.01, for a total transaction of $5,134,847.80. Following the sale, the director now directly owns 19,572 shares in the company, valued at $5,989,227.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey B. Straubel sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, January 28th. The stock was sold at an average price of $293.66, for a total transaction of $4,404,900.00. Following the sale, the insider now owns 321,398 shares in the company, valued at $94,381,736.68. The disclosure for this sale can be found here. Insiders have sold 98,040 shares of company stock worth $28,575,874 in the last three months. Corporate insiders own 22.80% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its stake in shares of Tesla by 0.8% during the fourth quarter. Baillie Gifford & Co. now owns 13,234,382 shares of the electric vehicle producer’s stock worth $4,404,403,000 after buying an additional 108,931 shares during the period. Vanguard Group Inc. increased its stake in Tesla by 0.8% in the third quarter. Vanguard Group Inc. now owns 7,036,426 shares of the electric vehicle producer’s stock valued at $1,863,034,000 after purchasing an additional 59,018 shares during the last quarter. Vanguard Group Inc increased its stake in Tesla by 0.8% in the third quarter. Vanguard Group Inc now owns 7,036,426 shares of the electric vehicle producer’s stock valued at $1,863,034,000 after purchasing an additional 59,018 shares during the last quarter. Jennison Associates LLC increased its stake in Tesla by 10.5% in the fourth quarter. Jennison Associates LLC now owns 5,322,358 shares of the electric vehicle producer’s stock valued at $1,771,281,000 after purchasing an additional 505,076 shares during the last quarter. Finally, Norges Bank purchased a new position in Tesla in the fourth quarter valued at approximately $470,949,000. Hedge funds and other institutional investors own 59.55% of the company’s stock.

About Tesla

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

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Analyst Recommendations for Tesla (NASDAQ:TSLA)

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