Shares of Tesla had a choppy trading session on Monday, giving a perfect price point to investors for making an entry.
Tesla Motors Inc (NASDAQ:TSLA) shares declined on Monday, and sensing the opportunity, many investors added the stock to their portfolio. AmericanBankingNews.com noted that a total purchase of $559.04 million was made in the stock on tick up, and total shares offloaded were worth $534.54 million on the tick-down.
Tesla still a Buy
Shares of Tesla Motors were on the ninth spot among equities with highest net inflow for the day. Shares traded down by $12.88 (5.27%) and closed at $231.64. Year to date, shares of the automaker are up by over 50%.
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Shares of the electronic vehicle manufacturer have been subjected to a number of analyst ratings recently. The Street analysts assigned a Sell rating to the stock from the previous rating of Hold in a research note to investors on Nov. 19. Zacks analysts continued with their Neutral rating on the stock and assigned it a price target of $243 in a research note to investors on Nov. 6. Separately, analysts at Northland Securities increased their price target on Tesla from $253 to $298 in a research note to investors, assigning an Outperform rating on the stock. Tesla Motors presently has a consensus rating of Buy and a consensus price target of $274.60.
BMW denies any partnership
Tesla shares were down on Monday after a Bayerische Motoren Werke AG (ETR:BMW) (FRA:BMW) spokesperson said they are not interested in partnering with Tesla. The comments were in contrast to claims from Tesla CEO Elon Musk himself, who suggested that they might partner with the German automaker. A report from Green Car Reports, which cites officials from the German automaker, said BMW is also not interested in buying shares of Tesla Motors.
Previously, Musk hinted about helping BMW with charging station technology and batteries, along with showing interest in BMW’s carbon fiber reinforced plastic. The material could help the EV maker with the door problems that the company is facing for the Model X. On this topic, BMW officials apparently said that they might sell their carbon fiber material, and if they sell it, they will be selling to other automakers also.
Also BMW officials reportedly accused Tesla’s CEO of using their name for “PR purposes.”