Tesla is the story today as the company delivered 95,000 units, beating analysts’ expectation of 87,700, the previous delivery record was 91,000 units. Model 3 deliveries was 77,550 during the three month period, accounting for 81.5% of total units. The stock daily range is from 234.51 to 241.57 while the 52 week range is from 176.99 to 387.46, the capitalization stands at 39.21B. The trading volume today is above 14M shares while the daily average is at 11.6M shares.
TSLA reported a worst than expected loss and less revenue than forecasts in 1Q 2019. Losses per share came in at $2.90, versus 69 cents market consensus. Revenue for 1Q reached $4.54B below analysts’ expectation of $5.19B. Tesla will report 2Q results on 5th August. The market forecast losses per share to 48 cents a share, while the revenue consensus stands at $6.23 billion.
In 2019 Tesla was under pressure after numerous failures to meet the car production figures and analysts’ balance sheet funding concerns drive the stock price down to $176. I expect TSLA stock to be volatile as it builds its manufacturing capabilities and expands in other products. What I am buying here is the Tesla and Ellon Musk story and not the company fundamentals. TSLA is the leader In the electric vehicles market and all aggressive portfolios will probably buy TSLA just to follow the futures trend.
On the technical side, TSLA stock is trading above the 20 and 50 day moving averages and has broken the weekly downward trending channel with higher than average daily volumes. Immediate resistance for TSLA stands at $251 the 100-day moving average, and more offers will probably emerge at the 150 day moving average at 277. On the downside first support can be found at $220, the 50 day moving average, while the followed by the June 12th low at $208.
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