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

Tesla (NASDAQ:TSLA) had its price target trimmed by 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.

A number of other brokerages have also recently commented on TSLA. Jefferies Financial Group reduced their price target on shares of Tesla from $185.00 to $165.00 and set a hold rating on the stock in a research report on Wednesday, April 10th. TD Cowen reduced their price target on shares of Tesla from $200.00 to $180.00 and set a market perform rating on the stock in a research report on Thursday, January 25th. Robert W. Baird reiterated an outperform rating and set a $280.00 price target on shares of Tesla in a research report on Wednesday, April 17th. China Renaissance initiated coverage on shares of Tesla in a report on Monday, February 26th. They issued a hold rating on the stock. Finally, Redburn Atlantic initiated coverage on shares of Tesla in a report on Wednesday, January 24th. They issued a sell rating and a $170.00 target price on the stock. Eight investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $186.70.

Tesla Stock Down 1.1 %

TSLA stock opened at $168.29 on Wednesday. Tesla has a 1-year low of $138.80 and a 1-year high of $299.29. The company has a current ratio of 1.72, a quick ratio of 1.25 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average is $175.04 and its 200 day moving average is $207.61. The stock has a market cap of $536.71 billion, a price-to-earnings ratio of 42.93, a price-to-earnings-growth ratio of 4.50 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). Tesla had a net margin of 14.37% and a return on equity of 13.18%. The business had revenue of $25.17 billion for the quarter, compared to the consensus estimate of $25.64 billion. During the same quarter in the previous year, the business earned $1.07 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. Sell-side analysts predict that Tesla will post 1.97 EPS for the current fiscal year.

Insider Buying and Selling

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the completion of the transaction, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the completion of the transaction, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robyn M. Denholm sold 93,706 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The disclosure for this sale can be found here. Insiders sold 209,098 shares of company stock valued at $38,802,534 over the last quarter. 25.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tesla

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

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.