Canaccord Genuity Group Cuts Tesla (NASDAQ:TSLA) Price Target to $303.00

Tesla (NASDAQ:TSLA - Get Free Report) had its price target lowered by research analysts at Canaccord Genuity Group from $404.00 to $303.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the electric vehicle producer's stock. Canaccord Genuity Group's target price would indicate a potential upside of 6.33% from the stock's previous close.

A number of other research firms have also recently commented on TSLA. Morgan Stanley reissued a "buy" rating and set a $430.00 target price on shares of Tesla in a research report on Tuesday, April 22nd. Guggenheim cut their price objective on shares of Tesla from $175.00 to $170.00 and set a "sell" rating on the stock in a report on Wednesday, March 12th. Cowen upgraded Tesla from a "hold" rating to a "buy" rating in a research note on Thursday, March 6th. Oppenheimer reiterated a "mixed" rating on shares of Tesla in a research note on Tuesday, March 18th. Finally, Benchmark lowered their price objective on Tesla from $475.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Ten analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Tesla has a consensus rating of "Hold" and a consensus price target of $287.46.

Tesla Stock Up 9.8 %

NASDAQ TSLA traded up $25.44 during trading hours on Wednesday, hitting $284.95. The company had a trading volume of 166,882,151 shares, compared to its average volume of 95,960,657. The firm's 50 day moving average is $263.98 and its 200 day moving average is $323.02. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. Tesla has a fifty-two week low of $167.41 and a fifty-two week high of $488.54. The company has a market capitalization of $916.55 billion, a price-to-earnings ratio of 139.68, a P/E/G ratio of 5.86 and a beta of 2.58.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same quarter last year, the business posted $0.45 EPS. Sell-side analysts anticipate that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the sale, the chief financial officer now directly owns 26,950 shares in the company, valued at $6,737,500. This trade represents a 12.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total value of $43,162,255.60. Following the transaction, the director now owns 85,000 shares of the company's stock, valued at $32,643,400. This trade represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 374,228 shares of company stock valued at $123,791,123 in the last ninety days. Company insiders own 20.70% of the company's stock.

Institutional Investors Weigh In On Tesla

A number of hedge funds and other institutional investors have recently modified their holdings of TSLA. Hengehold Capital Management LLC raised its position in shares of Tesla by 1.8% during the 4th quarter. Hengehold Capital Management LLC now owns 1,347 shares of the electric vehicle producer's stock worth $544,000 after buying an additional 24 shares in the last quarter. Strategic Investment Advisors MI raised its holdings in Tesla by 0.3% during the fourth quarter. Strategic Investment Advisors MI now owns 6,990 shares of the electric vehicle producer's stock worth $2,823,000 after purchasing an additional 24 shares in the last quarter. Acropolis Investment Management LLC lifted its position in Tesla by 0.9% in the fourth quarter. Acropolis Investment Management LLC now owns 2,814 shares of the electric vehicle producer's stock worth $1,136,000 after purchasing an additional 25 shares during the period. Mount Vernon Associates Inc. MD boosted its stake in Tesla by 0.3% during the 4th quarter. Mount Vernon Associates Inc. MD now owns 7,305 shares of the electric vehicle producer's stock valued at $2,950,000 after purchasing an additional 25 shares in the last quarter. Finally, Vista Finance LLC increased its position in shares of Tesla by 0.7% during the 4th quarter. Vista Finance LLC now owns 3,510 shares of the electric vehicle producer's stock valued at $1,417,000 after purchasing an additional 25 shares during the period. 66.20% 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; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.