According to CNBC's research and data team, Tesla Inc TSLA tends to trade higher during the two-week period following the company's delivery reports, including the previous delivery announcements, when Tesla traded higher by 16.68% on average.
What Happened: Tesla reported vehicle production and delivery numbers for the second quarter on July 2. The company said it produced 206,421 vehicles in the second quarter.
Tesla delivered 201,250 vehicles in the second quarter, representing a 122% increase year-over-year. Model 3 and Model Y totaled 199,360 of the deliveries, while 1,890 were Model S and Model X vehicles. (Subject to operating lease accounting is 7% of total).
Virtus Investment Partners' Joe Terranova said Wednesday on CNBC's "Fast Money Halftime Report" that he bought Tesla a couple of weeks ago.
Tesla's recent pullback is "somewhat puzzling," as the stock should be performing well with the growth momentum in the markets, he said. The levels to watch to the downside are $628 and $595, Terranova noted.
Related Link: Tesla Tests Break Out, Holds Support: A Technical Analysis
He told CNBC that he doesn't have any plans to sell his position because he is looking for more upside in the stock near-term.
TSLA Price Action: Tesla has traded as high as $900.40 and as low as $253.20 over a 52-week period.
At last check Wednesday, the stock was down 2.26% at $644.65.
Photo: courtesy of Tesla.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.