Tesla (NASDAQ:TSLA) Price Target Raised to $400.00 at Canaccord Genuity Group

Tesla (NASDAQ:TSLA - Get Free Report) had its price target upped by Canaccord Genuity Group from $298.00 to $400.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the electric vehicle producer's stock. Canaccord Genuity Group's price objective would indicate a potential downside of 2.54% from the stock's current price.

Several other analysts have also weighed in on TSLA. Truist Financial reiterated a "hold" rating and issued a $360.00 price objective on shares of Tesla in a research note on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Tesla from $130.00 to $135.00 and gave the company an "underweight" rating in a report on Thursday, October 24th. Phillip Securities lowered Tesla from a "moderate sell" rating to a "strong sell" rating in a research report on Wednesday, November 13th. KGI Securities upgraded Tesla from a "neutral" rating to an "outperform" rating and set a $276.00 price target on the stock in a report on Thursday, October 24th. Finally, Glj Research reissued a "sell" rating and issued a $24.86 price objective on shares of Tesla in a research note on Thursday, October 17th. Nine equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $283.39.

Tesla Trading Up 8.2 %

Tesla stock traded up $31.16 during mid-day trading on Friday, hitting $410.44. 94,704,367 shares of the stock were exchanged, compared to its average volume of 102,207,531. The firm's fifty day simple moving average is $359.54 and its two-hundred day simple moving average is $271.59. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. Tesla has a 12 month low of $138.80 and a 12 month high of $488.54. The stock has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 112.45, a PEG ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business had revenue of $25.18 billion for the quarter, compared to analysts' expectations of $25.47 billion. During the same quarter in the prior year, the firm posted $0.53 earnings per share. The business's quarterly revenue was up 7.8% compared to the same quarter last year. Analysts forecast that Tesla will post 1.99 EPS for the current year.

Insider Transactions at Tesla

In other news, Director Kimbal Musk sold 60,500 shares of the firm's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the completion of the transaction, the director now directly owns 1,563,220 shares of the company's stock, valued at $391,164,540.60. This trade represents a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $374.21, for a total value of $975,191.26. Following the sale, the chief financial officer now owns 108,965 shares in the company, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 514,886 shares of company stock worth $169,393,831. 20.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TSLA. Valley Wealth Managers Inc. bought a new position in shares of Tesla in the second quarter worth $26,000. Abich Financial Wealth Management LLC increased its stake in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer's stock worth $26,000 after acquiring an additional 81 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Tesla in the 3rd quarter valued at about $29,000. Clean Yield Group boosted its position in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer's stock valued at $33,000 after acquiring an additional 48 shares during the last quarter. Finally, Peterson Financial Group Inc. bought a new position in shares of Tesla in the third quarter worth approximately $35,000. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Company Profile

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.