- Tesla shares surged on Thursday to near all-time highs.
- $900 round number is too tempting for bulls to miss.
- TSLA stock turned around intraday after earnings.
Tesla shares did a sharp about-face on Thursday, having opened lower after the earnings release on Wednesday. TSLA reported earnings after the close, and they were a strong set of numbers, but the stock slid lower as it had already apparently priced in much of the upside to earnings. Thursday saw this bearish trend overpowered as the stock opened and quickly rallied over $30, consolidating those gains just under all-time highs.
-637704904033050427.png)
Tesla 15 minute
Tesla key statistics
| Market Cap | $857 billion |
| Price/Earnings | 451 |
| Price/Sales | 30 |
| Price/Book | 37 |
| Enterprise Value | $756 billion |
| Gross Margin | 22% |
| Net Margin |
5% |
| 52-week high | $900.40 |
| 52-week low | $379.11 |
| Average Wall Street Rating and Price Target | Hold, $739.14 |
Tesla (TSLA) stock news
Results were strong on Wednesday after the close. The electric vehicle (EV) sector leader delivered a strong beat on EPS coming in at $1.86 versus the $1.57 estimate. Revenue was also ahead of forecasts at $13.76 billion versus the consensus estimate of $13.63 billion. Investment banks rushed to upgrade their numbers post-release. The average target price has moved from approximately $730 to $739 following the earnings release as most investment banks upgraded their price targets. The average rating is still a hold though. Citigroup has this morning raised its price target for Tesla to $236. Thursday saw price target increases from Cowen & Co., RBC, Wells Fargo, Credit Suisse, Cannacord, JPMorgan and Independent Research among others.
Also separate from the results on Thursday, the National Transportation Safety Board (NTSB) said that both driver and passenger seats were occupied in a Tesla that crashed on April 17 in Texas-Reuters. The article says that this contrasted with local police reporting that witnesses said there was nobody in the driver's seat. According to Reuters, the NTSB said a review of vehicle data indicates "both the driver and the passenger seats were occupied, and that the seat belts were buckled when the (event data recorder) recorded the crash."
Tesla (TSLA) stock forecast
The temptation to test new all-time highs and break $900 is going to be very strong, and we may see an early pop. By how much will be key. Otherwise, there is the potential for a double top, which is a strong bearish reversal signal. Added to this, TSLA is above 80 on the Relative Strength Index (RSI). Over 70 is overbought, and over 80 is a lot overbought. Keep an eye on this. The RSI can come back down with price consolidation. It does not have to fall, but a double top and an RSI over 80 would be a strong sell signal in our view.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.