Tesla Stock Turns Higher Because Sales and Deliveries May Blow Away Estimates

Tesla Stock Turns Higher Because Sales and Deliveries May Blow Away Estimates

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A wave of pessimism that has hurt



Tesla



stock in recent days may be starting to recede.

Stock in the electric-vehicle pioneer was on its way to a fourth consecutive daily decline when the shares turned around in midday trading Friday. Two factors—both related to 2021 performance—may be making investors more upbeat heading into May.

Tesla (ticker: TSLA) stock started out the week at about $729 and closed Monday at $738.20, ahead of the company’s first-quarter earnings report that afternoon. Earnings were higher than Wall Street expected, but questions about the quality of the reported earnings—the degree to which trading in Bitcoin and sales of regulatory credits for producing zero-emission cars lifted the number–sent the stock lower. Lingering concern over a recent crash of a Tesla vehicle in Texas dragged on the price too.

The stock opened Friday at about $668, $71 lower than Monday’s close, and down 1.4% from Thursday’s final level. By early afternoon, though, shares