Tesla shares gain for a second straight session on Wednesday, auto maker sued by Nikola Motor over design patent infringement

May 3, 2018 10:10 am

A lawsuit has been filed earlier this week by Nikola Motor Co against Tesla Inc (TSLA) related with design patent violations.

Tesla shares closed higher for a second consecutive trading session on Wednesday. The stock went up 0.41% ($1.23) to $301.15, after touching an intraday high at $306.85, or a price level not seen since April 11th ($308.98).

In the week ended on April 29th the shares of the luxury electric vehicle manufacturer added 1.32% to their market value compared to a week ago, which marked the third gain out of four weeks.

The stock has extended its advance to 2.47% so far during the current month, following a 10.43% surge in April. The latter has been the first gain out of three months.

For the entire past year, the shares of the NASDAQ-listed electric car maker rose 45.70% following a 10.97% drop in 2016.

Nikola, which manufactures semi trucks powered by hydrogen, claimed that it had received six design patents by the US Patent and Trademark Office within the period February-April this year. Those patents are associated with the company’s wrap windshield, mid-entry door, fuselage, fender, side cladding and overall design of the Nikola One truck.

According to a court filing by Nikola Motor Co, Tesla’s first electric heavy duty truck, the Tesla Semi, appears to be “substantially” similar to a design by Nikola.

“Nikola estimates its harm from Tesla’s infringement to be in excess of $2 billion”, Utah-based Nikola said in the filing, cited by Reuters.

A spokesperson for Tesla, however, denied the allegations.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $305.00, with a high estimate of $470.00 and a low estimate of $180.00. The median estimate is a 1.28% surge compared to the closing price of $301.15 on May 2nd.

The same media also reported that 11 out of 27 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 8 – 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 – $301.98
R2 – $302.81
R3 (Range Resistance – Sell) – $303.64
R4 (Long Breakout) – $306.14
R5 (Breakout Target 1) – $309.05
R6 (Breakout Target 2) – $310.32

S1 – $300.32
S2 – $299.49
S3 (Range Support – Buy) – $298.66
S4 (Short Breakout) – $296.16
S5 (Breakout Target 1) – $293.25
S6 (Breakout Target 2) – $291.98

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

Central Pivot Point – $288.35
R1 – $300.19
R2 – $306.32
R3 – $318.16
R4 – $330.01

S1 – $282.22
S2 – $270.38
S3 – $264.25
S4 – $258.13

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