Why Tesla Shares Are Trading Higher Today

Tesla Inc TSLA shares are trading higher Thursday after the company reported better-than-expected financial results. 

Tesla said first-quarter revenue grew 81% year-over-year to $18.76 billion, which beat the $17.76 billion estimate, according to data from Benzinga Pro. The EV company reported quarterly earnings of $3.32 per share, which beat the estimate of $2.26 per share. 

Tesla said it produced 305,407 vehicles and delivered 310,048 vehicles in the first quarter. The company noted that chip shortages, recent COVID-19 outbreaks and rising raw material costs weighed on supply chain and factory operations.

Related Link: Tesla Q1 Earnings Highlights: Electric Vehicle Maker Hits Record Revenue, Deliveries, Profits And Margins Amid Headwinds

Tesla said it plans to grow its manufacturing capacity "as quickly as possible." The company aims to achieve 50% average annual growth in deliveries over a multi-year horizon. 

Analyst Assessment: 

• RBC Capital analyst Joseph Spak maintained Tesla with a Sector Perform rating and raised the price target from $1035 to $1175.
• JPMorgan analyst Ryan Brinkman maintained Tesla with an Underweight rating and raised the price target from $335 to $395.
• Citigroup analyst Itay Michaeli maintained Tesla with a Sell rating and raised the price target from $313 to $375.
• Wells Fargo analyst Colin Langan maintained Tesla with an Equal-Weight rating and raised the price target from $910 to $960.

TSLA 52-Week Range: $546.98 - $1,243.49

The stock was up 5.57% at $1,031.60 at time of publication.

Photo: courtesy of Tesla.