Tesla Motors Inc (TSLA) Has Found a Home For Its Gigafactory!

Tesla stockBlomst / Pixabay

Tesla Motors Inc (NASDAQ:TSLA) is an American automobile company that designs, manufactures, and sells electric powered cars. The company announced on September 4th that it has finally chosen the state of Nevada to build its highly anticipated $5 billion gigafactory. Nevada beat out the competing states of Arizona, New Mexico, California and Texas.

Tesla Motors Inc (NASDAQ:TSLA) has confirmed that it has cleared land last month in Reno in or order to build its 10 million square foot gigafactory that is projected to create roughly 6,500 new jobs. Tesla Motors Inc (NASDAQ:TSLA) Chief Executive Elon Musk said the proposed battery factory “is critical to our efforts to deliver our mass-market car.” Musk claimed that when choosing the right state, Nevada’s ability to move quickly to build the factory played a critical role. The factory is projected to produce up to 500,000 battery packs for Tesla vehicles by 2020.

Shares of Tesla Motors Inc (NASDAQ:TSLA) opened at $284.01 on Thursday, August 4th. The car company has a 1-year high of $291.42 and a 1-year low of $116.10. The stock’s daily moving average is $285.03 and has a 50-day moving average of $241.50. The market cap for Tesla is $35.65 billion and its P/E ratio is not applicable.

On September 3rd, Motley Fool blogger Daniel Sparks noted that Tesla’s Super Charger scale of arrangements adds “considerable value to charging infrastructure available to Tesla owners.” Sparks has a +35.4% average return on all stocks he has rated, a 92% success rate in making recommendations, and is ranked #15 out of 3762 bloggers on TipRanks. He has also rated Tesla 20 times, earning him a 95% success rate and a +57.6% average return on the stock.

Tesla

Similarly on September 5th, Zacks blogger Eric Dutram named Tesla Motors Inc (NASDAQ:TSLA) as the “Bull of the Day.” He believes that although Tesla has already had a tremendous year, growth opportunities are still out there. Dutram has a +5.5% average return on all stocks he has rated and a 57% success rate in making recommendations.

On average, the top analyst consensus for Tesla Motors Inc (NASDAQ:TSLA) is Moderate Buy.

To see more recommendations for Tesla Motors Inc (NASDAQ:TSLA), visit TipRanks today!

Carly Forster writes about stock market news. She can be reached at [email protected]

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