The shares of Tesla Motors Inc. (NASDAQ: TSLA) climbed after surpassing its vehicle delivery forecast for the second quarter of 2015.
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Tesla’s stock traded up about 4% in Thursday’s premarket, at $279.50 in a 52-week range of $181.40 to $291.42. Jerome Guillen, Vice President service and sales operations at Tesla Motors, is another insider who sold 17,750 shares of the company during the same period.
Data for chart retrieved from quarterly SEC filings and Tesla quarterly delivery reports for quarters shown.
“This was a new company record for the most cars delivered in a quarter”, Tesla said Thursday in the SEC filing. Last week, one of the Nevada’s economic officials said that Tesla’s Gigafactory is likely to be operational within a year from now, which is sooner than the company’s expectations. Chinese cities are well known for their epic traffic issues and other alternative-energy carmakers have also been challenged by the still developing charging stations network. Bank of America (BofA)/ Merrill Lynch, which has maintained its price objective on Tesla stock at $65, is now raising it around three times to $180, as the firm is transitioning its coverage on the stock.
Tesla Motors Inc. with TICKER NASDAQ: TSLA had its stock rating noted as “Reiterated” with the recommendation being set at “UNDERPERFORM” today by analysts at BofA/Merrill. The mean target price is $277.00 according to First Call.
While most companies throughout the world are struggling to sell their electric cars in an environment with continued low fuel prices, Tesla has established that it is appealing to a different buyer than its competitors. This presents a solid upside to the current price of the equity. Hopefully, the SpaceX accident was a one-off and there won’t be any bad news of similar sort from Tesla Motors. The company may be able to hit 55,000 and it may very well keep this guidance when it releases detailed results for the June quarter but if the stock remains on a tear any slip-up will create a speed bump for the shares. The shares were sold at an average price of $248.94, for a total value of $2,489,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jerome M. Guillen sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, June 15th.
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