Tesla Stock Gaps Higher After Earnings, Revenue Beat

Tesla's first-quarter earnings and revenue report beat out analysts' estimates

The shares of Tesla Inc (NASDAQ:TSLA) are up 7.5% to trade at a two-month high of $861.24, after the electric vehicle manufacturer reported first-quarter earnings of $1.24 per share and revenue of $5.99 billion, both of which beat out Wall Street's estimates. Tesla also said its Model Y helped contribute to profits, marking the first time in the company's history that a new product has been profitable during the first quarter.

Six analysts have already chimed in with price-target hikes, including Canaccord Genuity, which lifted its estimate to $650 from $400. However, the majority of analysts, are still cautious on Tesla. Of the 22 in coverage, 17 rate it an unenthusiastic "hold" or worse, against five "strong buys." Echoing this is the consensus 12-month price target of $477.55, which sits at a 40.3% discount to current levels.

Short sellers are still piling on as well. In the past two reporting periods short interest surged 24.2%. Now, the 20.1 million shares sold short make up a healthy 13.7% of the stock's available float. Should some of this pessimism begin to unwind, it could put even more wind at TSLA's back.

Today's pop brings Tesla stock up a staggering 121.6% from its March 18, annual low of $361.22, which was, for the most part, captured by its 180-day moving average. The stock is well on its way to reclaiming its late-February, all-time peak near the $900 level, too, up an impressive 260% in the past 12 months alone.