Tesla Rides on Positive Outlook and 3 Stocks At 52-Week Highs
Tesla Motors (NASDAQ:TSLA): Closing price $43.93
Shares are traded notably higher Monday after the electric car maker said that it expects to report a profit on both a GAAP and non-GAAP basis for its first quarter, following better-than-anticipated sales of its Model S vehicle. Tesla said that Model S sales surpassed 4,750 units in the three months ended March, which beat its prior division outlook of 4,500. Also, the firm amended its first quarter guidance to “full profitability,” while the consensus forecast is for a loss per share of 7 cents. In a note to investors, the analyst firm Pacific Crest said that much of Tesla’s earnings upside originated in a one-time reversal of warrant liability renegotiated from the Department of Energy loan, which was not mentioned in the press release. The firm added that it thinks that Monday’s strength in Tesla’s shares is overdone. Shares closed up 15.94 percent on Monday at $43.93, and have been traded in a 52-week range of $25.52 to $40.00.