New Street Advisors’ Delano Saporu has owned Tesla Inc (NASDAQ: TSLA) stock for a while and he plans to hold through earnings next week, he said Wednesday on CNBC’s “The Exchange.”
The demand for Tesla vehicles remains strong as the company “beat heavily” on its most recent delivery numbers, Saporu said.
Tesla recently announced preliminary production and delivery numbers in which the company reported it delivered 241,300 vehicles in the third quarter.
Tesla aims to deliver more of its Model Y vehicles moving forward because the company’s margins are better on the Model Y than the Model 3, Saporu said.
He told CNBC that he wants to remain long Tesla stock because he expects more from management from an execution standpoint.
“I think investors want to stay in this stock right now. We’re kind of seeing a resurgence of the stock which has kind of been more of a sleepy stock over the past year,” Saporu said.
He expects that Tesla will continue to show its ability to execute when it reports earnings next week.
See Also: This Is How Tesla’s Earnings Will Impact Its Share Price
Tesla is set to announce its third-quarter financial results on Oct. 20.
TSLA Price Action: Tesla has traded as high as $900.40 and as low as $379.11 over a 52-week period.
The stock gained 0.67% Wednesday, closing at $811.08.
Photo: courtesy of Tesla.
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