Profit Taking in Tesla as Model S Deliveries Set for Friday

Tesla Motors

, the upstart Palo Alto-based electric car maker, has been surging in recent trading sessions as the company prepares to begin deliveries of its new Model S vehicle. As of the close on Wednesday, the stock had risen for four straight trading sessions, but with the broader market getting rocked on Thursday, those catalyst-driven traders are dumping shares. In afternoon trade, TSLA had fallen a little more than 4% to $32.37. Despite today's sell-off, TSLA is still up better than 10% over the last 5 trading sessions as the company begins Model S deliveries on June 22. On Wednesday, analysts at Goldman Sachs raised their price target on TSLA from $36.00 to $50.00. Goldman analyst Patrick Archambault wrote “We see significant positive catalysts ahead,” citing the Model S, and Tesla's Model X sport-utility vehicle planned for 2013. The Model S is the company's first vehicle to be designed and built completely in-house and has a base price of $57,400. The sedan is being built at Tesla's Fremont, California plant and has a range of up to 300 miles per charge.