Tesla Motors Inc (NASDAQ:TSLA) shares short interests dropped in the month of October. The short interest declined to 20,946,314 as on October 31st, a drop of 8.2% from the October 15th total of 22,829,442 shares. Around 22.9% of the shares are sold short.

Growing confidence of investors on Tesla

Shares of the EV manufacturer are surging higher and are up approximately 70% this year to $252.59. According to the Bespoke Investment Group, shares could hit $300 by the end of this year. Shares surged on Thursday by $3.54 to 1.4% to $252.59. Analysts said that stocks are performing nicely after tumbling from $280 to $220 in mid-October, as investors were disappointed with the lack of self-drive in Tesla model, which was not unveiled till then. However, with a better than expected revenue in the third-quarter the stock has revived.

Tesla Motors Inc (NASDAQ:TSLA) stock has marched ahead of its average stock price over the past 50 days, which could be a positive signal for the traders as well as investors. Bespoke Group estimates are not deviating from the rest of the Wall Street. The median 18-month price target on Tesla is $300 a share.

Analyst bullish on Tesla

Number of research firm analysts has recently assigned ratings to the stock. Zacks analysts maintained a neutral rating on the shares, in a research note to the investors on November 6th, with the price target of $243.00. Separately, analysts at Northland securities have increased the price target on the shares from $253 to $298.00, in a research note to the investors on November 6th and assigned Outperform rating to the stock. Ascendiant Capital Markets analysts initiated coverage on the shares with a Buy rating and assigned it a price target of $320.00, in a research note to the investors on October 30th. Tesla Motors Inc (NASDAQ:TSLA), currently, has a consensus rating of “Buy” and an average target price of $274.60.

For the latest quarter, Tesla Motors Inc (NASDAQ:TSLA) posted 0.02 earnings per share compared the consensus estimate of a loss of ($0.15). Revenue for the quarter, which was up 54.7% compared to last year, came in at $932.30 million against consensus estimate of $893.60 million. For the same quarter last year, the company posted $0.12 earnings per share,