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

Tesla (NASDAQ:TSLA) had its price objective decreased by Canaccord Genuity Group from $234.00 to $222.00 in a research note published on Wednesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the electric vehicle producer’s stock.

Other equities analysts have also recently issued research reports about the company. Oppenheimer reiterated a market perform rating on shares of Tesla in a report on Wednesday. Redburn Atlantic initiated coverage on shares of Tesla in a research report on Wednesday, January 24th. They set a sell rating and a $170.00 price objective for the company. Royal Bank of Canada restated an outperform rating and set a $298.00 price objective on shares of Tesla in a research report on Wednesday, March 27th. Daiwa Capital Markets downgraded shares of Tesla from an outperform rating to a neutral rating and dropped their price target for the company from $245.00 to $195.00 in a research report on Tuesday, February 6th. Finally, Barclays dropped their price target on shares of Tesla from $225.00 to $180.00 and set an equal weight rating for the company in a research report on Wednesday, April 17th. Eight investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $186.70.

Tesla Stock Performance

Shares of Tesla stock opened at $168.29 on Wednesday. The company has a market capitalization of $535.97 billion, a PE ratio of 42.93, a PEG ratio of 4.28 and a beta of 2.39. Tesla has a 12 month low of $138.80 and a 12 month 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 stock’s fifty day simple moving average is $175.04 and its 200 day simple moving average is $208.00.

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

Insiders Place Their Bets

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction on Monday, April 1st. The shares were 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 legal filing with the SEC, which is accessible through this link. In related news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $176.20, for a total value 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robyn M. Denholm sold 93,706 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the completion of 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. Over the last quarter, insiders have sold 209,098 shares of company stock valued at $38,802,534. 25.10% of the stock is currently owned by insiders.

Institutional Trading of Tesla

Several institutional investors have recently modified their holdings of TSLA. Pinnacle Associates Ltd. lifted its holdings in Tesla by 4.8% in the first quarter. Pinnacle Associates Ltd. now owns 64,063 shares of the electric vehicle producer’s stock valued at $11,262,000 after buying an additional 2,927 shares during the period. Sterling Investment Counsel LLC raised its holdings in shares of Tesla by 86.1% during the first quarter. Sterling Investment Counsel LLC now owns 4,608 shares of the electric vehicle producer’s stock valued at $810,000 after purchasing an additional 2,132 shares during the period. BLB&B Advisors LLC raised its holdings in shares of Tesla by 54.2% during the first quarter. BLB&B Advisors LLC now owns 5,141 shares of the electric vehicle producer’s stock valued at $904,000 after purchasing an additional 1,808 shares during the period. MBA Advisors LLC acquired a new position in shares of Tesla during the first quarter valued at about $336,000. Finally, Prestige Wealth Management Group LLC raised its holdings in shares of Tesla by 14.5% in the 1st quarter. Prestige Wealth Management Group LLC now owns 8,238 shares of the electric vehicle producer’s stock worth $1,448,000 after acquiring an additional 1,046 shares during the last quarter. 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.