Tesla (NASDAQ:TSLA) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Tesla (NASDAQ:TSLA) in a research report report published on Friday, Benzinga reports. Canaccord Genuity Group currently has a $254.00 target price on the electric vehicle producer’s stock.

Other equities analysts have also issued reports about the stock. Citigroup lowered their price objective on shares of Tesla from $274.00 to $258.00 and set a neutral rating on the stock in a research report on Wednesday, July 24th. Glj Research reiterated a sell rating and set a $24.86 price target on shares of Tesla in a research note on Thursday, September 5th. Roth Mkm restated a neutral rating and issued a $85.00 price objective on shares of Tesla in a research report on Wednesday, July 24th. KGI Securities reiterated a neutral rating and set a $236.00 target price on shares of Tesla in a research report on Thursday, July 25th. Finally, Guggenheim raised their price target on Tesla from $134.00 to $153.00 and gave the company a sell rating in a report on Friday. Nine research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $209.60.

Tesla Trading Down 1.5 %

TSLA opened at $226.78 on Friday. The company has a market cap of $723.25 billion, a P/E ratio of 57.85, a PEG ratio of 6.08 and a beta of 2.29. Tesla has a one year low of $138.80 and a one year high of $273.93. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. The business’s 50-day simple moving average is $222.85 and its 200-day simple moving average is $194.75.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the firm earned $0.78 EPS. As a group, equities research analysts expect that Tesla will post 1.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. The disclosure for this sale can be found here. 25.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tesla

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Tesla by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after purchasing an additional 3,795,748 shares during the last quarter. Norges Bank acquired a new position in shares of Tesla during the fourth quarter worth approximately $7,844,757,000. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Tesla by 12.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after buying an additional 1,125,329 shares in the last quarter. Strategic Financial Concepts LLC increased its position in Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after acquiring an additional 5,875,484 shares during the period. Finally, ARK Investment Management LLC raised its stake in Tesla by 2.6% during the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after acquiring an additional 135,966 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

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.