The shares of Tesla Motors Inc (NASDAQ:TSLA) are trading higher after the company announced record second quarter deliveries in the current fiscal year. Its shares advanced by 4.14% in the pre-market trading and appreciated by around 3% in the first hours of trading. The electric carmaker doesn’t release monthly automobile sales figures and rather prefers a quarterly reporting model. According to a statement, Tesla Motors Inc (NASDAQ:TSLA) delivered 11,507 Model S vehicles in the second quarter of 2015, up by 52% on the year. At the same time, this is the best quarter for the company in terms of deliveries. Despite the record deliveries achieved last quarter, Tesla still has to put more effort to achieve CEO Elon Musk’s target of 55,000 annual deliveries.
Tesla Motors Inc (NASDAQ:TSLA)’s stock has advanced by 21.11% year-to-date and things are working out for the company. Last week, one of the Nevada’s economic officials said that Tesla’s Gigafactory is likely to be operational within a year from now, which is sooner than the company’s expectations. Once ready, this factory will be the largest in the world with an area of 5.8 million square feet and it will be used for the production of lithium-ion batteries.
With a record quarter and a growing stock price, Tesla Motors Inc (NASDAQ:TSLA) seems to be a promising stock, but relying solely on market conditions is a risky investment strategy. At Insider Monkey, we follow around 700 hedge funds and among them, 29 funds had Tesla’s stock in their portfolio at the end of March, against 25 hedge fund investments in the previous quarter. At the same time, 17 hedge funds in our database held ‘Put’ positions underlying shares of the electric carmaker at the end of the first quarter.
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Over the last 12 months, Tesla Motors Inc (NASDAQ:TSLA) has gained 12.59% share value making it an excellent bet for investors. When we look at insider activity surrounding the stock, we see that several directors and executives sold shares of the company in the first six months of 2015. Among them, Jeffery Straubel, Chief Technology Officer at Tesla Motors Inc, sold 20,000 shares of the electric automobile manufacturer in the past six months. Jerome Guillen, Vice President service and sales operations at Tesla Motors, is another insider who sold 17,750 shares of the company during the same period.
With all of this in mind, let’s go over the fresh action encompassing Tesla Motors Inc (NASDAQ:TSLA).