Electric vehicle manufacturing giant Tesla (NASDAQ:TSLA) has seen its stock go on a rollercoaster ride this year. The stock made significant gains earlier this year before correcting somewhat.
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There is renewed anticipation about the stock as Tesla prepares to announce its fiscal third-quarter results this Wednesday. It should be noted that the company had already announced that it made record deliveries in the quarter and hence there is a degree of excitement among investors.
In such a situation, it is only natural that many investors might be wondering if it is the right time to get hold of the Tesla stock. At the end of the day, Tesla is one of the noted growth stocks in the market, and if it does manage to beat revenue expectations the stock might rally.
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If one needs a better idea about the possibilities it is necessary to take a closer look at the company. This month the company announced that it managed to deliver as many as 139300 cars in the third quarter. That is a considerable number considering the fact that in the previous quarter it had to close down its factory due to the coronavirus pandemic.
The delivery number reflects a sequential jump of as much as 53%. However, that is to be expected. The figure looks far more impressive when one considers the fact that the delivery figure reflects a 43% rise year on year.
Reason for Rising in Deliveries
Experts believe that the company has benefitted considerably owing to the introduction of the Model Y SUV this year. It is priced lower than the other Tesla vehicles and the company believes that it will outstrip the sales of Model 3. Model 3 has been Tesla’s best seller so far.
Analysts believe that the impressive sales figures at Tesla are also going to help in generating growth in both revenues and earnings per share.
The average analyst expectations suggest a year on year rise in revenues to $8.26 billion. It reflects a rise of 31%. On the other hand, analysts also expect the earnings per share to rise to $0.56, which again works out to an impressive year on year jump of 51%.
It is clear to see that the company is performing impressively and those interested in growth stocks could consider keeping it on their watch lists at this point in time.
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