Canaccord Genuity Group Lowers Tesla (NASDAQ:TSLA) Price Target to $222.00

Tesla (NASDAQ:TSLA) had its price target decreased by analysts at Canaccord Genuity Group from $234.00 to $222.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s price target points to a potential upside of 30.45% from the stock’s previous close.

Several other equities research analysts have also commented on TSLA. UBS Group cut their price objective on Tesla from $225.00 to $165.00 and set a “neutral” rating for the company in a research note on Thursday, March 14th. Morgan Stanley lowered their target price on Tesla from $320.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Truist Financial lowered their target price on Tesla from $176.00 to $162.00 and set a “hold” rating on the stock in a report on Wednesday. Wedbush restated an “outperform” rating and set a $300.00 target price on shares of Tesla in a report on Friday, April 19th. Finally, Bank of America upgraded Tesla from a “neutral” rating to a “buy” rating and set a $220.00 target price on the stock in a report on Wednesday. Eight research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $186.70.

Tesla Price Performance

NASDAQ:TSLA opened at $170.18 on Wednesday. Tesla has a 12 month low of $138.80 and a 12 month high of $299.29. The stock has a 50 day moving average of $175.67 and a two-hundred day moving average of $208.64. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 0.05. The firm has a market cap of $541.99 billion, a P/E ratio of 43.41, a price-to-earnings-growth ratio of 3.82 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 24th. The electric vehicle producer reported $0.71 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.03). Tesla had a return on equity of 13.68% and a net margin of 14.37%. The firm had revenue of $25.17 billion for the quarter, compared to analysts’ expectations of $25.64 billion. During the same quarter last year, the firm posted $1.07 earnings per share. Tesla’s quarterly revenue was up 3.5% on a year-over-year basis. On average, analysts expect that Tesla will post 1.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the transaction, the senior vice president now directly owns 31,230 shares in the company, valued at $5,502,726. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the sale, the senior vice president now owns 31,230 shares of the company’s stock, valued at $5,502,726. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total value of $18,247,369.38. Following the sale, the director now directly owns 15,000 shares in the company, valued at approximately $2,920,950. The disclosure for this sale can be found here. Insiders have sold 209,098 shares of company stock worth $38,802,534 over the last ninety days. Corporate insiders own 25.10% of the company’s stock.

Institutional Trading of Tesla

A number of large investors have recently modified their holdings of TSLA. Wyrmwood Management LLC purchased a new stake in shares of Tesla during the fourth quarter worth $25,000. Lam Group Inc. purchased a new position in Tesla in the fourth quarter valued at $25,000. Mendota Financial Group LLC increased its holdings in Tesla by 202.2% in the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock valued at $34,000 after buying an additional 91 shares during the last quarter. Ogorek Anthony Joseph NY ADV increased its holdings in Tesla by 94.5% in the third quarter. Ogorek Anthony Joseph NY ADV now owns 142 shares of the electric vehicle producer’s stock valued at $35,000 after buying an additional 69 shares during the last quarter. Finally, OLD Point Trust & Financial Services N A purchased a new position in Tesla in the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

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.