The stock of Tesla, Inc. (NASDAQ:TSLA) is now priced at $498.32 and the shares are 55.64 points up or 12.57% higher compared to its previous closing price of $442.68. The stock had 118 million contracts set over the past session. TSLA shares’ daily volume is compared to its average trading volume at 72.058 million shares. However, it has a float of 148 million and although its performance was 23.7% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the TSLA share price recently placing at $440.11 to $500.14.
The shorts are climbing into the Tesla, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the TSLA shares have risen. Short interest in the stock represents just 8.3% of its float, but the volume has raised by 366944. The volume of shorted shares rised to 12.312 million from 11.945 million shares over the last two weeks. The average intraday trading volume has been 9.531 million shares, which means that days to cover moved to roughly 1.291802.
In the last trading session, Tesla, Inc. (NASDAQ:TSLA) raised by $95.48 over the week and gained $201.32 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $500.14. The stock recorded its established 52-week high on 08/31/20.
Since 09/25/19, the stock has traded to a low of $43.67 at 1042.94%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.52. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Tesla, Inc.’s two-week RSI is 84.42. This suggests that the stock is oversold at the moment and that TSLA shares’ price movement remains not stable. The stochastic readings are equally revealing at 94.01% meaning the TSLA share price is currently in oversold territory.
The technical chart shows that the TSLA stock will likely settle at between $518.94 and $539.55 per share. However, if the stock dips below $458.91, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $419.49.
Currently, the stock is trading in the green of MACD, with a reading of 39.25. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Jefferies though raised target price of TSLA stock from $1200 to $2500 but maintained Buy recommendation in their August 26 review. Morgan Stanley analysts upgraded their recommendation of the stock from Underweight to Equal-Weight while keeping its target price at $1050 to $1360 in a flash note released to investors on August 14. BofA Securities seeing the improvements upgraded the stock from Underperform to Neutral on August 14, placing it at $800 to $1750.
The average rating for the TSLA equity is 3.03 and is currently gathering a bearish momentum. Of 33 analysts tracking Tesla, Inc. polled by Reuters, 15 rated TSLA as a hold. The remaining 18 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 10 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the TSLA stock price is 31.85X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 1203.7 above the group’s average of 63.8. Tesla, Inc. has its P/E ratio at 47.1, which means that the stock is currently trading at a premium relative to the 2.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Tesla, Inc. (NASDAQ:TSLA) will increase by about 33.7%, which will see them reach $8070 million. The company’s full-year revenues are, however, expected to increase by about 21.03%, up from $24600 million to $29800 million. TSLA’s expected adjusted earnings should surge almost 43.55% to end up at $2.67 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 4260% to record $8.72/share.