Business Corpus: Tesla Stock Reverses, Climbs On Favorable Model 3 Sales ReportTesla stock rose Thursday following a report that it dominated the market in electric-vehicle sales in August, news that Chief Executive Elon Musk retweeted. The post Tesla Stock Reverses, Climbs On Favorable Model 3 Sales Report appeared first on Investor's Business Daily.

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Tesla stock rose Thursday following a report that it dominated the market in electric-vehicle sales in August, news that Chief Executive Elon Musk circulated in a tweet.

According to estimates from market tracker InsideEVs, Tesla (TSLA) shipped 17,800 Model 3 sedans in August. Far behind, in second place, was the Toyota Prius Prime at 2,071, then the Tesla Model S and Model X. The Tesla Model 3 was the fifth best-selling car in the U.S. during August, according to an analysis by Clean Technica. That website also tracks the electric vehicle market.

Shares of Tesla were up 1.9%, near 286, during morning trading on the stock market today.

According to InsideEVs, Tesla has delivered 32,050 Model 3 vehicles in the first two months of the third quarter. Current Model 3 production estimates suggest Tesla is on track for meeting its goal of delivering 50,000 to 55,000 Model 3s in the third quarter.

"We believe Tesla is tracking toward achieving its third-quarter guidance," Oppenheimer analyst Colin Rusch said in a note to clients Thursday.

"While InsideEVs' estimates are just that, estimates, we believe the service has been effective in identifying directional and order of magnitude trends on monthly shipments for Model 3 in lieu of verified data from the company," he wrote.

Tesla Stock Action

Rusch has an outperform rating on Tesla and a price target of 385. Tesla stock has exhibited wild swings since Musk first announced his plan on Aug. 7 to take the company private at $420 a share.

Shares fell as doubts grew that Musk had the funding secured, as he claimed. In a Musk blog post on Aug. 24, he abandoned his plans. The Securities and Exchange Commission is currently probing the matter.

Tesla faces increased competition in the electric vehicle field. Mercedes-Benz this week introduced its first all-electric car, a sport-utility vehicle called EQC. BMW is taking orders for its electric iX3 SUV. Also coming are the Jaguar I-Pace and the Audi e-Tron.

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The post Tesla Stock Reverses, Climbs On Favorable Model 3 Sales Report appeared first on Investor's Business Daily.