Tesla (NASDAQ:TSLA) Price Target Raised to $490.00 at Canaccord Genuity Group

Tesla (NASDAQ:TSLA) had its price objective hoisted by Canaccord Genuity Group from $333.00 to $490.00 in a research note published on Tuesday, MarketBeat Ratings reports. The firm currently has a buy rating on the electric vehicle producer’s stock.

Several other equities research analysts also recently issued reports on the company. Wedbush increased their price target on Tesla from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Friday, September 26th. Royal Bank Of Canada restated a “buy” rating on shares of Tesla in a report on Friday, September 26th. Argus restated a “hold” rating on shares of Tesla in a report on Monday, June 9th. HSBC restated a “reduce” rating and issued a $120.00 price target on shares of Tesla in a report on Thursday, July 3rd. Finally, Glj Research reiterated a “sell” rating on shares of Tesla in a report on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have given a Hold rating and nine have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $337.15.

Tesla Stock Up 0.3%

Shares of Tesla stock opened at $444.72 on Tuesday. Tesla has a 1 year low of $212.11 and a 1 year high of $488.54. The business has a 50-day moving average of $356.59 and a two-hundred day moving average of $317.64. The company has a market capitalization of $1.48 trillion, a P/E ratio of 257.06, a price-to-earnings-growth ratio of 15.46 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter last year, the company earned $0.52 earnings per share. The firm’s revenue was down 11.8% compared to the same quarter last year. As a group, equities analysts predict that Tesla will post 2.56 EPS for the current year.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares of the company’s stock, valued at approximately $1,735,080.36. This represents a 40.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares of the company’s stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 208,606 shares of company stock valued at $77,360,462. Insiders own 19.90% of the company’s stock.

Institutional Trading of Tesla

Hedge funds have recently made changes to their positions in the business. Means Investment CO. Inc. lifted its position in shares of Tesla by 37.7% in the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock valued at $5,984,000 after buying an additional 6,323 shares during the last quarter. Focus Financial Network Inc. lifted its position in shares of Tesla by 3.1% in the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock valued at $5,823,000 after buying an additional 670 shares during the last quarter. Siren L.L.C. acquired a new stake in shares of Tesla in the first quarter valued at approximately $2,332,000. Zuckerman Investment Group LLC lifted its position in shares of Tesla by 6.9% in the first quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock valued at $3,304,000 after buying an additional 826 shares during the last quarter. Finally, Keystone Global Partners LLC acquired a new stake in shares of Tesla in the first quarter valued at approximately $594,000. 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.