Canaccord Genuity Group Issues Pessimistic Forecast for Tesla (NASDAQ:TSLA) Stock Price

Tesla (NASDAQ:TSLA - Get Free Report) had its target price cut by equities researchers at Canaccord Genuity Group from $490.00 to $482.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the electric vehicle producer's stock. Canaccord Genuity Group's price target would indicate a potential upside of 9.80% from the company's current price.

Several other research analysts also recently commented on TSLA. TD Cowen boosted their target price on Tesla from $374.00 to $509.00 and gave the stock a "buy" rating in a research note on Thursday, October 9th. CICC Research boosted their target price on Tesla from $360.00 to $450.00 and gave the stock an "outperform" rating in a research note on Thursday, September 18th. Baird R W raised Tesla from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 19th. The Goldman Sachs Group boosted their target price on Tesla from $395.00 to $425.00 and gave the stock a "neutral" rating in a research note on Friday, October 3rd. Finally, Melius Research set a $520.00 target price on Tesla and gave the stock a "buy" rating in a research note on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have assigned a Hold rating and ten have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $366.73.

Tesla Trading Down 0.8%

Shares of Tesla stock opened at $438.97 on Thursday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla has a 12-month low of $212.11 and a 12-month high of $488.54. The company has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 253.74, a PEG ratio of 15.91 and a beta of 2.08. The firm's 50-day moving average price is $393.73 and its two-hundred day moving average price is $336.97.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, beating the consensus estimate of $0.48 by $0.02. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same period last year, the firm earned $0.72 EPS. The business's quarterly revenue was up 11.6% compared to the same quarter last year. On average, analysts forecast that Tesla will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James R. Murdoch sold 120,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 202,606 shares of company stock worth $75,588,902. Corporate insiders own 19.90% of the company's stock.

Hedge Funds Weigh In On Tesla

A number of large investors have recently modified their holdings of the company. KLP Kapitalforvaltning AS lifted its holdings in shares of Tesla by 6.3% in the 3rd quarter. KLP Kapitalforvaltning AS now owns 1,098,110 shares of the electric vehicle producer's stock worth $488,351,000 after purchasing an additional 64,600 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. raised its position in Tesla by 766.3% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 5,839 shares of the electric vehicle producer's stock valued at $2,597,000 after buying an additional 5,165 shares during the last quarter. New Century Financial Group LLC purchased a new position in shares of Tesla in the 3rd quarter worth about $230,000. Sather Financial Group Inc grew its position in Tesla by 4.4% during the third quarter. Sather Financial Group Inc now owns 1,764 shares of the electric vehicle producer's stock valued at $784,000 after buying an additional 75 shares during the period. Finally, Kelly Financial Group LLC bought a new position in Tesla during the third quarter valued at about $259,000. 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.

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