Tesla Motors Inc (NASDAQ:TSLA) has made new highs again as the stock surged 9 percent on Monday and was $117.18 at closing owing to an upgrade by Jefferies. Analysts at Jefferies raised the price target on Tesla to $130 following the expectations that the electric car manufacturer will sell more units of Model S than expected.
Investors confident on Tesla even after the recall
Tesla Motors Inc (NASDAQ:TSLA) has gained around 231 percent this year, which helped the company to repay the loan to the Government in May. The investors were not moved when Tesla decided to recall some units of Model S. CEO Elon Musk announced in June that around 1300 cars will be recalled by the company to rectify seat mounting bracket.
Coho Capital 2Q20 Commentary: Podcasts, The New Talk Radio
Coho Capital commentary for the second quarter ended June 30, 2020. Q2 2020 hedge fund letters, conferences and more Dear Partners, Coho Capital returned 46.6% during the first half of the year compared to a loss of 3.1% in the S&P 500. Many of our holdings, such as Netflix, Amazon, and Spotify, were perceived beneficiaries Read More
White Petition nears
Tesla Motors Inc (NASDAQ:TSLA) is on a mission to collect signatures that will support its petition before the due date. Tesla has over 84,000 more signatures ahead of July 5 to get an answer from the White House regarding the direct to consumer sales model and the legitimacy of the model.
CEO Elon Musk holds the view that Tesla is not under the sphere of those limitations faced by the other automakers owning dealership. The reason being, that the company is not having any third party dealership. He said that Tesla is not in competition with any third party dealers for sales of its vehicles.
An opportunity missed
The investors and money managers are, however, still not confident to buy a huge amount of shares of Tesla at present. Alice Lomax, the senior writer and analyst at Motley Fool wrote about missing the big buying opportunity.
“For those of us who were mulling investing in Tesla Motors Inc (NASDAQ:TSLA), well I believe we blinked and we missed it.”
She further said that she purchased Tesla stock a number of times and added to Prosocial Portfolio, which she manages for Fool.com but then she discontinued her position and exited from it. Lomax said that in 2010, she wanted to take a long position on the stock but could not because the balance sheet was showing heavy losses for the continuous quarters.
Several investors wanted to add Tesla Motors Inc (NASDAQ:TSLA) in their portfolio when the company reported the first ever profitable quarter, but those who failed to add the stock to their portfolio early are now waiting for the perfect timing.