Tesla shares close higher on Tuesday, company to acquire automation equipment manufacturer Perbix

November 8, 2017 10:38 am

According to a statement by Tesla Inc (TSLA) on Tuesday, an agreement has been reached over the acquisition of Perbix Machine Co Inc, a privately held automation equipment manufacturer, which has also been a supplier for Tesla over the past three years. However, financial details of the deal remained undisclosed.

Tesla shares closed higher for the third time in the past eight trading sessions on Tuesday. The stock went up 1.08% ($3.27) to $306.05, with the intraday high and the intraday low being at $306.48 and $300.08 respectively.

In the week ended on November 5th the shares of the luxury electric vehicle manufacturer lost 4.61% of their market value compared to a week ago, which marked a fourth consecutive period of decrease.

However, due to yesterday’s gain, the stock has pared its loss to 7.69% so far during the current month, following a 2.81% slump in October. The latter has been a second straight month of losses.

For the entire past year, the shares of the NASDAQ-listed electric car maker lost 10.97%. The stock has rebounded 43.22% so far in 2017.

The acquisition would enable Tesla to expand parts production in house.

“With the acquisition of Perbix, Tesla further advances its efforts to turn the factory itself into a product – to build the machine that makes the machine”, Tesla Inc said in a post on its website, cited by Reuters.

Tesla is renowned for producing many of its vehicle parts on its own, unlike other car makers, which usually order them.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $320.00, with a high estimate of $500.00 and a low estimate of $155.00. The median estimate is a 4.56% surge compared to the closing price of $306.05 on November 7th.

The same media also reported that 10 out of 26 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 6 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Tesla stock are presented as follows:

R1 – $306.64
R2 – $307.22
R3 (Range Resistance – Sell) – $307.81
R4 (Long Breakout) – $309.57
R5 (Breakout Target 1) – $311.63
R6 (Breakout Target 2) – $312.58

S1 – $305.46
S2 – $304.88
S3 (Range Support – Buy) – $304.29
S4 (Short Breakout) – $302.53
S5 (Breakout Target 1) – $300.47
S6 (Breakout Target 2) – $299.52

By using the traditional method of calculation, the weekly levels of importance for Tesla Inc (TSLA) are presented as follows:

Central Pivot Point – $310.44
R1 – $328.26
R2 – $350.42
R3 – $368.24
R4 – $386.05

S1 – $288.28
S2 – $270.46
S3 – $248.30
S4 – $226.13

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