Tesla (NASDAQ:TSLA) PT Raised to $278.00

Tesla (NASDAQ:TSLA) had its price objective raised by equities researchers at Canaccord Genuity Group from $254.00 to $278.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 30.12% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Argus restated a “buy” rating and issued a $286.00 price target on shares of Tesla in a report on Friday, July 26th. Barclays reduced their price target on shares of Tesla from $225.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Truist Financial raised their price objective on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a research note on Thursday. China Renaissance raised shares of Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective on the stock in a research note on Friday, July 5th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $216.87.

Tesla Trading Down 2.0 %

TSLA opened at $213.65 on Thursday. Tesla has a twelve month low of $138.80 and a twelve month high of $271.00. 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 company has a fifty day moving average of $228.54 and a 200-day moving average of $206.41. The stock has a market cap of $682.53 billion, a PE ratio of 60.01, a price-to-earnings-growth ratio of 6.24 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted 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). The company had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 earnings per share. On average, sell-side analysts predict that Tesla will post 1.75 EPS for the current year.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Tesla

Hedge funds have recently modified their holdings of the company. Bank & Trust Co purchased a new position in Tesla in the 2nd quarter worth approximately $25,000. Valley Wealth Managers Inc. purchased a new position in Tesla in the 2nd quarter worth approximately $26,000. Abich Financial Wealth Management LLC lifted 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 purchasing an additional 81 shares in the last quarter. Clean Yield Group increased its holdings 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 worth $33,000 after buying an additional 48 shares during the last quarter. Finally, M&R Capital Management Inc. increased its holdings in Tesla by 263.2% in the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other 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.