Tesla Stock Surges Amid Reports of Company’s Plans to Resume Production
With reports of the company plans to partially resume production later this week, Tesla’s stock surged 9% to near 792 per share during morning trading on the stock market today (via Yahoo! Finance). The electric car maker is also set to report its Q1 earnings on Wednesday after beating first-quarter delivery exceptions.
According to an analysis by IBD’s Leaderboard, Tesla’s share price broke out above a new buy point at $775.05 USD, with the buy range extending to $813.80. As per the IBD Stock Checkup tool, Tesla currently has a rating of 85 out of a best-possible 99, meaning the company’s stock currently outperforms 85% of all stocks.
Tesla was originally expected to deliver more than 500,000 cars this year but analysts have adjusted that figure to about 420,000.
Tesla stock has a top Relative Strength Rating of 99 out of 99. The rating tracks market leadership. It shows how a stock’s price movement over the past 52 weeks measures up against all other stocks.
Wall Street looks for Tesla to report an adjusted loss of 26 cents per share, vs. a loss of $2.90. Analysts see a 36% jump in revenue to $6.16 billion.
Analysts now want to hear about Tesla’s production and vehicle-delivery forecasts at the forthcoming earnings call.