Tesla Stock Is Trading Higher: What's Going On?

Tesla, Inc TSLA shares are trading higher Monday amid positive analyst coverage. The company announced that it officially produced the first Cybertruck over the weekend. 

What To Know: Wells Fargo analyst Colin Langan maintained Tesla with an Equal-Weight rating and raised the price target from $170 to $265 on Monday. Wedbush analyst Dan Ives also reiterated Tesla with an Outperform rating and a $300 price target.

The positive analyst updates come after the company rolled the first Cybertruck off the production line on Saturday, nearly four years after the vehicle was first unveiled.

Tesla announced the milestone on Twitter, posting a photo of several workers in safety equipment surrounding the company's long-awaited first electric truck. 

Cybertruck deliveries are expected to commence sometime in the third quarter in what could prove to be one of the most anticipated vehicle launches of all time. 

A week after it was unveiled in 2019, Tesla had more than 250,000 reservations for the futuristic-looking EV. Near the end of last year, the total number of reservations had grown to 1.5 million.

Tesla is set to report second-quarter financial results after the close on Wednesday. The company is expected to report earnings of 81 cents per share on quarterly revenue of $24.53 billion, per estimates from Benzinga Pro.

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TSLA Price Action: Tesla shares were up 3.27% at $290.62 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Tesla.