Bulls Blast Tesla Stock on Earnings Beat, Strong Forecast

CEO Elon Musk said the company could see 20% to 30% “vehicle growth”

Tesla Inc (NASDAQ:TSLA) reported better-than-expected third-quarter earnings for the third quarter, while revenue fell just short of analysts’ expectations. Plus, CEO Elon Musk noted the company could see 20% to 30% “vehicle growth” in 2025 thanks to lower prices.

TSLA is up 16.7% to trade at $249.39 at last glance, giving Wall Street a boost. At least seven analysts hiked their price objectives, including BofA Global Securities to $265 from $255. The 12-month consensus target price of $212.59 is still a 14.6% discount to current levels, though, and 26 of the 37 firms in question call TSLA a “hold” or worse. This means there’s still plenty of room room for additional bull notes.

The equity is now on track to snap a five-day losing streak with its biggest single-day percentage gain since March 2021. Today’s gains also have the shares swinging back to the positive side of breakeven for 2024, while over the past 12 months they added 17.6%.

Options traders are also chiming in, with 808,000 calls and 372,000 puts traded so far today, which is six times the intraday average volume. The most active contract is the weekly 10/25 250-strike call, with new positions being opened there.

Bullish bets have been prevalent over the past 10 weeks. This per Tesla stock’s 50-day call/put volume ratio of 1.61 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 98% of annual readings.

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