Back to top

Buy Tesla after the 5 Millionth Car Mark?

Read MoreHide Full Article

There have been so many headlines surrounding electric auto giant Tesla (TSLA - Free Report) . Love him or hate him, Elon Musk is one of the world’s most interesting individuals. Recently, the automaker announced an incredible milestone; the five millionth car had crossed the production line.

Tesla stock has been equally as interesting. It was one of the favorites of the WSB types during the COVID boom in stock market interest. It boasts some of the most bullish supports and bearish detractors. Much like Elon himself, it’s a love or hate relationship.

That five million car number is remarkable for a company that started just twenty short years ago. It took the company twelve years to get to the one million car mark. That pace has since accelerated to the second million in eighteen months, three in eleven and fourth is seven. Tesla’s main goal has always been to ramp up its production efforts to an eye-watering ten million cars a year.

Tesla is currently a Zacks Rank #3 (Hold). The reason for that rating is that estimates have been rather stagnant on the earnings side of the equation. Our current year Zacks Consensus Estimate has gone from $3.47 to $3.46 while next year’s number is up from $4.62 to $4.65. That represents an increase of 34.33% year-over-year for next year. That’s slated to come on sales growth of 23% this year and 25.59% next year.

With all this as a back drop, Dave Bartosiak explores Tesla as his Chart of the Day, uncovering key technical levels. Dave digs through recent highs and lows for the stock, its interactions with important moving averages, and potential setups for the future.

See More Zacks Research for These Tickers

Normally $25 each - click below to receive one report FREE:

Tesla, Inc. (TSLA) - free report >>

Published in