Tesla Motors Inc (NASDAQ:TSLA) shares witnessed more buying on Monday following the correction in the stock price. During regular trading hours, around $312.39 million worth of stock was purchased in the tick-up, and $293.21 million flowed out of the stock. Of all the stock, Tesla recorded the 15th highest net in-flow for the day.

Tesla Motors Inc Shares Witness Heavy Buying On Weakness

Analysts bullish on Tesla

The stock has been subjected to a number of analyst ratings lately. Zacks analysts maintained a Neutral rating on the stock in a research report on Nov. 6 and assigned it a price target of $243. Analysts at Northland Securities increased their price target on the stock from $253 to $298 and assigned it an Outperform rating. Separately, analysts at Ascendiant Capital Markets initiated coverage on Tesla Motors and assigned a Buy rating with a price target of $320 in a research note to investors. The company presently has an average rating of Buy and a consensus price target of $274.60 per share.

Tesla shares have soared by over 70% this year to $252.59, and analysts at Bespoke Investment Group believe the company could reach $300 per share by the end of the year. The analysts noted that after tumbling from $280 to $220 in mid-October due to rising investor dissatisfaction, due to the lack of a self-driving Model S, the company reported better-than-expected third quarter numbers, pulling the stock above its average price.

Production constrained

For the third quarter, Tesla posted earnings per share of 2 cents, beating the analyst estimates of 1 cent per share. The company reported the delivery of 7,785 Model S vehicles, and revenue came in at $932 million. The EV manufacturer stated that it would manufacture 2,000 more Model S sedans than previously estimated for 2014.

Tesla did indicate in the past that short supply will be a major issue for the year but that it will try to resolve the problem in 2015 by adjusting production levels at its California plant. During the earnings conference call, CEO Elon Musk said again that the company is not facing a demand problem but a production problem.

“Demand is not our issue, production is our issue,” Musk said. “We have more demand than we can address and levers we can pull to increase demand, and we’re not doing it.”

On Monday, Tesla shares closed down 1.82% at $253.98.