Tesla (NASDAQ:TSLA) Upgraded to “Buy” at Canaccord Genuity

Tesla (NASDAQ:TSLA) was upgraded by equities researchers at Canaccord Genuity from a “hold” rating to a “buy” rating in a report released on Monday, Price Targets.com reports.

TSLA has been the topic of several other research reports. Sanford C. Bernstein reissued a “sell” rating and set a $180.00 target price on shares of Tesla in a research report on Tuesday, March 9th. Cfra downgraded Tesla from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 18th. Royal Bank of Canada raised Tesla from an “underperform” rating to a “sector perform” rating in a research report on Thursday, January 7th. Morgan Stanley reissued a “buy” rating on shares of Tesla in a research report on Tuesday, April 6th. Finally, Edward Jones started coverage on Tesla in a research report on Wednesday, January 13th. They set a “hold” rating on the stock. Twelve research analysts have rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $382.74.

NASDAQ:TSLA traded up $0.93 during trading hours on Monday, reaching $739.78. The stock had a trading volume of 27,923,729 shares, compared to its average volume of 35,201,473. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.32 and a current ratio of 1.63. Tesla has a 52 week low of $134.76 and a 52 week high of $900.40. The company has a 50 day moving average price of $666.00 and a two-hundred day moving average price of $633.12. The stock has a market capitalization of $710.08 billion, a PE ratio of 1,469.58, a PEG ratio of 8.81 and a beta of 2.18.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, January 27th. The electric vehicle producer reported $0.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.17. Tesla had a return on equity of 4.93% and a net margin of 1.97%. The business had revenue of $10.70 billion for the quarter, compared to the consensus estimate of $10.38 billion. During the same quarter in the previous year, the company posted $0.41 EPS. The company’s revenue was up 44.9% compared to the same quarter last year. Equities research analysts predict that Tesla will post 1.02 EPS for the current year.

In related news, CFO Zachary Kirkhorn sold 1,250 shares of the firm’s stock in a transaction dated Tuesday, January 19th. The stock was sold at an average price of $837.74, for a total transaction of $1,047,175.00. Following the sale, the chief financial officer now owns 56,257 shares of the company’s stock, valued at $47,128,739.18. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jerome M. Guillen sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 12th. The shares were sold at an average price of $697.87, for a total value of $6,978,700.00. Following the sale, the insider now directly owns 60,598 shares in the company, valued at approximately $42,289,526.26. The disclosure for this sale can be found here. Insiders have sold a total of 82,653 shares of company stock worth $63,685,949 in the last three months. Corporate insiders own 23.00% of the company’s stock.

A number of hedge funds have recently modified their holdings of TSLA. Clearview Wealth Advisors LLC bought a new stake in Tesla during the fourth quarter valued at about $25,000. Flagship Private Wealth LLC bought a new stake in Tesla during the fourth quarter valued at about $26,000. Clear Investment Research LLC purchased a new stake in Tesla in the fourth quarter valued at about $26,000. Veritas Investment Partners UK Ltd. purchased a new stake in Tesla in the fourth quarter valued at about $28,000. Finally, Psagot Investment House Ltd. purchased a new stake in Tesla in the fourth quarter valued at about $28,000. 41.39% of the stock is currently owned by 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.

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Analyst Recommendations for Tesla (NASDAQ:TSLA)

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