Courtesy of Benzinga.
Update, 10:57 a.m. ET, Citron comment to Benzinga: “[T]hey lowered deliveries early part of the year and now they just met the original delivery schedule. The ultimate wall st trick of lowering a bar to just jump over it.”
Tesla Motors Inc (NASDAQ: TSLA) shares are dropping after hitting an intra-day high near $280 on Thursday morning. The stock at one point traded below $274 after socially-active short seller Citron Research tweeted the following:
"time to re-enter $TSLA short after being patient- deleiveries were underwhleming to a watchful eye" Good car- stupid stock
— Citron Research (@CitronResearch) July 2, 2015
Earlier on Thursday morning, Tesla reported a 52 percent year-over-year increase in Model S unit sales during the second quarter, according to a press release.
This action follows mostly bullish commentary from Wall Street firms.
Global Equities Research analyst Trip Chowdhry reiterated his $385 price target on the stock, stating the company can “easily” hit 62,000 to 65,000 auto deliveries this year.
Bank of America, meanwhile, nearly tripled its price target to $180 from $65. “In our view, the company could be successful in the long term as niche focused company, as demand for alternative drivetrains accelerates,” BofA analyst John Murphy wrote.
On Wednesday, Evercore ISI Rich Ross said Tesla’s technical outlook puts shares near or at the $300 mark over the short-term.
At the time of publishing, shares are stabilizing near the $274 area.
Posted-In: Citron Research Rich Ross Trip ChowdhryShort Ideas Movers Tech Trading Ideas
