Tesla Stock Price and Forecast: Will TSLA stock go higher as Q3 deliveries surge?

Tesla stock closes the session on Friday barely changed on the day.
TSLA stock is still stuck in a consolidation phase.
Tesla delivery data should be the catalyst for a move higher.

Ivan Brian FXStreet

Tesla took life easy on Friday with the stock barely changing on the session at all, eventually closing at $775.22 for a tiny loss of -0.03%. Probably not surprising when all traders were waiting for the Q3 delivery data from Tesla, and these were duly released on Saturday.

Tesla 15 minute

Tesla key statistics

Market Cap	$767 billion
Price/Earnings	404
Price/Sales	26
Price/Book	33
Enterprise Value	$756 billion
Gross Margin	22%
Net Margin	6%
52-week high	$900.40
52-week low	$379.11
Average Wall Street Rating and Price Target	Hold, $704

Tesla (TSLA) stock news

Getting straight into those delivery numbers, the headlines certainly look positive. After asking staff to go "super hardcore" it looks like Elon Musk and his team have delivered with Q3 deliveries hitting a record. Deliveries were up 20% in Q3. Tesla (TSLA) delivered 241,300 vehicles in the quarter, which was an increase of 73% YoY and making it the sixth straight quarter of delivery growth. Wall Street analysts had expected deliveries of 229,242, so this was a comfortable beat. This data is even more impressive when you consider the semiconductor crunch that has affected most car makers globally. RBC was moved to increase its price target slightly from $745 to $755. Legacy car manufacturers have been blaming this chip shortage recently for poor delivery numbers, and noted Tesla bull Cathie Wood of ARK Invest tweeted strong support for Tesla's performance by comparison.

Tesla (TSLA) stock forecast

We have been waiting for this one, and we can see from the triangle pattern formed that Tesla stock has been like a coiled spring waiting to explode. The breakout should finally see Tesla make and break $800 and once through there the next resistance and volume does not kick in until $900! We had been expecting some volatility and mentioned a strangle options play to take advantage of any surge higher or lower. From the previous write-up: "An $830 call for October 8 costs around $4, and a $735 put for the same expiry is around $16.". Notice how the market was skewed with puts being considerably more expensive. Now, this delivery data may cause a sudden flip. We will update this once markets open.

Tesla remains bullish in our view from the chart. The stock is above the 9-day moving average and has consolidated from the spike above $780.

FXStreet View: Bullish above $765.

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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