Canaccord Genuity Group Issues Pessimistic Forecast for Tesla (NASDAQ:TSLA) Stock Price

Tesla (NASDAQ:TSLA - Get Free Report) had its price objective lowered by stock analysts at Canaccord Genuity Group from $404.00 to $303.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the electric vehicle producer's stock. Canaccord Genuity Group's target price would suggest a potential upside of 6.33% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Raymond James downgraded shares of Tesla to an "outperform" rating in a research note on Tuesday. Glj Research reaffirmed a "sell" rating and issued a $19.05 price objective (down from $24.86) on shares of Tesla in a research report on Monday. New Street Research raised Tesla from a "neutral" rating to a "buy" rating and set a $460.00 target price on the stock in a report on Monday, January 6th. Guggenheim cut their price target on Tesla from $175.00 to $170.00 and set a "sell" rating for the company in a report on Wednesday, March 12th. Finally, Bank of America decreased their price objective on shares of Tesla from $490.00 to $380.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Ten analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $287.46.

Tesla Stock Up 9.8 %

TSLA traded up $25.44 during trading hours on Wednesday, hitting $284.95. 166,882,151 shares of the company's stock were exchanged, compared to its average volume of 96,015,992. The stock's 50-day moving average is $263.98 and its two-hundred day moving average is $322.46. Tesla has a 1-year low of $166.37 and a 1-year high of $488.54. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The stock has a market cap of $916.55 billion, a price-to-earnings ratio of 139.68, a PEG ratio of 5.86 and a beta of 2.58.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 7.26% and a return on equity of 10.31%. The company had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period last year, the company posted $0.45 earnings per share. Sell-side analysts predict that Tesla will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at $32,643,400. This trade represents a 56.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James R. Murdoch sold 54,776 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the sale, the director now directly owns 477,011 shares in the company, valued at $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 374,228 shares of company stock worth $123,791,123. 20.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tesla

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Tesla by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer's stock worth $98,211,134,000 after purchasing an additional 3,571,793 shares during the last quarter. Geode Capital Management LLC raised its stake in Tesla by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock worth $24,566,217,000 after buying an additional 1,655,203 shares during the last quarter. Norges Bank acquired a new position in Tesla in the fourth quarter valued at $14,420,248,000. FMR LLC boosted its position in Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after acquiring an additional 9,920,325 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Tesla by 21.6% during the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock worth $11,541,592,000 after acquiring an additional 5,075,418 shares during the period. 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.