According to the China Passenger Car Association, sales of Tesla, Inc.’s (TSLA) China-manufactured electric vehicles (EV) stood at 52,859 units in November, compared to 54,391 units sold in October, StreetInsider.com stated in a report.
Shares of the company closed 1.6% up on Wednesday but lost 0.6% in the extended trading hours to end the day at $1,062.73.
Meanwhile, Tesla exported 21,127 EVs made in China in the month of November, compared to 40,666 units in October. (See Insiders’ Hot Stocks on TipRanks)
About Tesla
Headquartered in Texas, Tesla designs, manufactures and sells EVs, solar energy generation systems and energy storage products. It also operates a network of vehicle service centers and supercharger stations.
Wall Street’s Take
On December 8, New Street analyst Pierre Ferragu maintained a Buy rating on the stock and raised the price target from $1,298 to $1,580 (47.8% upside potential).
In a note, Ferragu said, “Multiple strong catalysts in 2022 can drive shares higher in coming months. Those include an upside fourth quarter, strong production from Tesla’s Shanghai facility, new production capacity coming online in Germany and Texas, and new batteries for Tesla EVs.”
On December 7, UBS (UBS) analyst Patrick Hummel reiterated a Hold rating on Tesla and increased the price target to $1,000 from $725 (6.5% downside potential). The analyst expects the company to continue exceeding expectations next year on the back of global demand for EVs.
Hummel, in a research note, said, “Software is the next battleground in the global car industry, and no other carmaker is closer to monetizing fully autonomous driving for everyday use, and the scalability of Tesla’s technology creates the biggest software-driven revenue opportunity in the industry.”
Overall, the stock has a Moderate Buy consensus rating based on 13 Buys, 6 Holds and 6 Sells. The average Tesla price target of $982.96 implies 8.1% downside potential. Shares have gained 78.5% over the past six months.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Tesla’s performance.
According to the tool, compared to the previous year, the company’s website traffic registered a 1.2% rise in global visits in November. Moreover, the website traffic has increased 1.7% year-to-date against the same period last year.
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