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

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

A number of other equities research analysts have also recently commented on the stock. Wells Fargo & Company reiterated an underweight rating and set a $120.00 price target on shares of Tesla in a report on Monday, July 1st. William Blair initiated coverage on Tesla in a research report on Thursday, August 29th. They issued an outperform rating for the company. KGI Securities reissued a neutral rating and set a $236.00 price objective on shares of Tesla in a report on Thursday, July 25th. Morgan Stanley restated an overweight rating and issued a $310.00 target price on shares of Tesla in a report on Thursday, September 5th. Finally, Barclays dropped their price target on Tesla from $225.00 to $220.00 and set an equal weight rating on the stock in a research note on Thursday, July 25th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $209.60.

Tesla Price Performance

Shares of TSLA stock opened at $226.78 on Friday. Tesla has a twelve month low of $138.80 and a twelve month high of $273.93. The stock has a market cap of $723.25 billion, a price-to-earnings ratio of 57.85, a PEG ratio of 6.08 and a beta of 2.29. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The business’s fifty day moving average is $222.85 and its 200 day moving average is $194.75.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TSLA. Bank & Trust Co acquired a new stake in shares of Tesla in the second quarter valued at about $25,000. Valley Wealth Managers Inc. acquired a new stake in shares of Tesla in the second quarter valued at approximately $26,000. Abich Financial Wealth Management LLC boosted its stake in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares during the last quarter. OLD Point Trust & Financial Services N A purchased a new stake in Tesla in the 4th quarter valued at $37,000. Finally, Kessler Investment Group LLC raised its holdings in shares of Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after acquiring an additional 51 shares during the period. 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.