Tesla (TSLA) Given New $323.00 Price Target at Canaccord Genuity

Tesla (NASDAQ:TSLA) had its target price increased by Canaccord Genuity from $316.00 to $323.00 in a report released on Thursday morning. Canaccord Genuity currently has a hold rating on the electric vehicle producer’s stock.

Several other equities analysts also recently weighed in on TSLA. FIX restated a positive rating and set a $418.00 target price on shares of Tesla in a report on Thursday. Wolfe Research upgraded shares of Tesla from a market perform rating to an outperform rating in a report on Thursday. Barclays set a $210.00 target price on shares of Tesla and gave the company a sell rating in a report on Thursday. Piper Jaffray Companies restated an overweight rating and set a $396.00 target price on shares of Tesla in a report on Thursday. Finally, Bank of America raised their target price on shares of Tesla from $200.00 to $220.00 and gave the company an underperform rating in a report on Thursday. Fourteen equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $316.85.

Shares of NASDAQ TSLA traded up $16.04 during midday trading on Thursday, hitting $330.90. The company had a trading volume of 26,989,309 shares, compared to its average volume of 8,809,213. The company has a quick ratio of 0.37, a current ratio of 0.73 and a debt-to-equity ratio of 2.01. Tesla has a twelve month low of $244.59 and a twelve month high of $387.46. The stock has a market capitalization of $44.52 billion, a price-to-earnings ratio of -28.82 and a beta of 0.84.



Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 24th. The electric vehicle producer reported $2.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.77) by $4.67. Tesla had a negative net margin of 19.89% and a negative return on equity of 50.84%. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $5.67 billion. Equities research analysts expect that Tesla will post -10.77 EPS for the current fiscal year.

In other Tesla news, Director Kimbal Musk sold 1,875 shares of Tesla stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $306.00, for a total transaction of $573,750.00. Following the transaction, the director now directly owns 150,208 shares of the company’s stock, valued at $45,963,648. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jerome M. Guillen sold 1,000 shares of Tesla stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $306.00, for a total transaction of $306,000.00. Following the transaction, the insider now directly owns 8,598 shares in the company, valued at $2,630,988. The disclosure for this sale can be found here. Insiders own 22.80% of the company’s stock.

A number of hedge funds have recently made changes to their positions in TSLA. Jennison Associates LLC lifted its position in shares of Tesla by 33.6% during the second quarter. Jennison Associates LLC now owns 4,332,187 shares of the electric vehicle producer’s stock worth $1,485,724,000 after purchasing an additional 1,089,377 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of Tesla by 3.1% during the second quarter. Baillie Gifford & Co. now owns 13,171,801 shares of the electric vehicle producer’s stock worth $4,517,269,000 after purchasing an additional 395,727 shares in the last quarter. United Services Automobile Association lifted its position in shares of Tesla by 235.3% during the second quarter. United Services Automobile Association now owns 199,032 shares of the electric vehicle producer’s stock worth $68,258,000 after purchasing an additional 139,677 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Tesla by 239.9% during the second quarter. SG Americas Securities LLC now owns 190,942 shares of the electric vehicle producer’s stock worth $65,484,000 after purchasing an additional 134,759 shares in the last quarter. Finally, ARK Investment Management LLC lifted its position in shares of Tesla by 40.7% during the second quarter. ARK Investment Management LLC now owns 443,874 shares of the electric vehicle producer’s stock worth $152,227,000 after purchasing an additional 128,497 shares in the last quarter. 62.18% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Company Profile

Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The firm operates through Automotive, and Energy Generation and Storage segments.

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