Tesla Stock (NASDAQ:TSLA)
Analysts anticipate the company will set a new record when Tesla (NASDAQ:TSLA) reports on deliveries for the second quarter somewhere during the first few days of July. As a result, Tesla stock surged.
The manufacturer of electric cars is anticipated by industry experts to record 445 thousand deliveries, with around 155 thousand of those vehicles coming out of China. Over the last several weeks, the general delivery estimation has seen an upward trend.
In the same period a year ago, Tesla (NASDAQ:TSLA) sold 255 thousand cars. Still, in the most recent quarter, the manufacturer headquartered in Austin delivered 422,875 automobiles, just enough to beat the consensus projection for 421.2 thousand deliveries. The total for the year’s first quarter comprised 412,180 Model 3/Model Y automobiles and 10,695 Model S/Model X automobiles. During the quarter, the manufacturer of electric cars manufactured 440,808 automobiles. A 5% shift in operating lease accounting was responsible for the production and delivery statistics being off by that much.
Although the company anticipates a modest response, Piper Sandler has one of the higher forecasts on the Street, with a Q2 delivery goal of 469K. Analyst Alexander Potter issued the following warning: “Regardless of the outcome this weekend, we wouldn’t be surprised to see profit-taking in the coming months, given the stock’s recent outperformance, as well as the likelihood of operational hiccups,” Tesla stock often experience a rally when quarterly deliveries end up being higher than expected; however, some analysts have cautioned that margin worries might hold the EV stock in check at this particular moment.
Dan Ives, an analyst at Wedbush Securities, projects that Tesla (NASDAQ:TSLA) is on pace to reach its year’s 1.8 million unit delivery goal. This prediction is based on looking farther into the future.
During premarket trading on Friday, the price of Tesla stock was up 0.40% to $258.52. The price of the EV stock has increased by 29% over the last six weeks, and it is now trading at a level that is more than 30% above its 200-day moving average.
Featured Image: Pexels © Pixabay
Author Shariq Khan 
