EARN25

Tesla Stock Gaps Higher After Earnings, Revenue Beat

TSLA is up over 240% year-over-year

Deputy Editor
Apr 30, 2020 at 10:56 AM
facebook X logo linkedin


The shares of Tesla Inc (NASDAQ:TSLA) are up 7.5% to trade at a two-month high of $861.24, after the electric vehicle manufacturer reported first-quarter earnings of $1.24 per share and revenue of $5.99 billion, both of which beat out Wall Street's estimates. Tesla also said its Model Y helped contribute to profits, marking the first time in the company's history that a new product has been profitable during the first quarter. 

Six analysts have already chimed in with price-target hikes, including Canaccord Genuity, which lifted its estimate to $650 from $400. However, the majority of analysts, are still cautious on Tesla. Of the 22 in coverage, 17 rate it an unenthusiastic “hold” or worse, against five “strong buys.” Echoing this is the consensus 12-month price target of $477.55, which sits at a 40.3% discount to current levels.

Short sellers are still piling on as well. In the past two reporting periods short interest surged 24.2%. Now, the 20.1 million shares sold short make up a healthy 13.7% of the stock's available float. Should some of this pessimism begin to unwind, it could put even more wind at TSLA's back. 

Today's pop brings Tesla stock up a staggering 121.6% from its March 18, annual low of $361.22, which was, for the most part, captured by its 180-day moving average. The stock is well on its way to reclaiming its late-February, all-time peak near the $900 level, too, up an impressive 260% in the past 12 months alone. 

 

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!