Tesla (TSLA) Upgraded to “Buy” by Canaccord Genuity

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Tesla (NASDAQ:TSLA) was upgraded by Canaccord Genuity from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Marketbeat reports. The firm currently has a $450.00 price target on the electric vehicle producer’s stock, up from their previous price target of $330.00. Canaccord Genuity’s price objective would suggest a potential upside of 42.46% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Goldman Sachs Group reaffirmed a “sell” rating and set a $225.00 price target on shares of Tesla in a research note on Tuesday, January 22nd. UBS Group decreased their target price on shares of Tesla from $230.00 to $220.00 and set a “sell” rating for the company in a research note on Tuesday, January 29th. Nomura reissued a “neutral” rating and issued a $300.00 target price on shares of Tesla in a research note on Thursday, October 25th. JMP Securities reissued a “buy” rating and issued a $412.00 target price on shares of Tesla in a research note on Thursday, October 25th. Finally, Oppenheimer reissued a “buy” rating and issued a $418.00 target price on shares of Tesla in a research note on Thursday, October 25th. Fourteen investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and fifteen have given a buy rating to the company’s stock. Tesla has a consensus rating of “Hold” and a consensus price target of $324.53.

Shares of TSLA traded up $10.08 during mid-day trading on Monday, hitting $315.88. 3,278,579 shares of the company’s stock were exchanged, compared to its average volume of 7,864,465. The stock has a market capitalization of $52.52 billion, a P/E ratio of -55.22, a P/E/G ratio of 4.61 and a beta of 0.56. Tesla has a 52 week low of $244.59 and a 52 week high of $387.46. The company has a quick ratio of 0.47, a current ratio of 0.81 and a debt-to-equity ratio of 1.82.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 30th. The electric vehicle producer reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.93. The company had revenue of $7.23 billion during the quarter, compared to analysts’ expectations of $7.09 billion. Tesla had a negative net margin of 4.55% and a negative return on equity of 19.08%. The business’s quarterly revenue was up 119.8% on a year-over-year basis. During the same period last year, the business earned ($3.04) EPS. On average, sell-side analysts anticipate that Tesla will post 1.89 earnings per share for the current fiscal year.

In other Tesla news, Director Linda Johnson Rice sold 1,700 shares of the business’s stock in a transaction dated Tuesday, February 5th. The shares were sold at an average price of $320.00, for a total transaction of $544,000.00. Following the sale, the director now directly owns 1,700 shares in the company, valued at approximately $544,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Deepak Ahuja sold 3,500 shares of the business’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $343.46, for a total transaction of $1,202,110.00. Following the sale, the chief financial officer now owns 27,965 shares in the company, valued at $9,604,858.90. The disclosure for this sale can be found here. Insiders sold a total of 83,070 shares of company stock valued at $26,968,398 over the last ninety days. Company insiders own 22.80% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in TSLA. Alpha Windward LLC bought a new stake in Tesla in the fourth quarter worth approximately $26,000. Gradient Investments LLC grew its position in Tesla by 1,660.0% in the fourth quarter. Gradient Investments LLC now owns 88 shares of the electric vehicle producer’s stock worth $29,000 after acquiring an additional 83 shares in the last quarter. Intercontinental Wealth Advisors LLC acquired a new stake in shares of Tesla in the fourth quarter worth $30,000. Financial Gravity Companies Inc. acquired a new stake in shares of Tesla in the fourth quarter worth $32,000. Finally, Clean Yield Group acquired a new stake in shares of Tesla in the fourth quarter worth $36,000. 56.94% of the stock is currently owned by institutional investors and hedge funds.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

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Analyst Recommendations for Tesla (NASDAQ:TSLA)

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