Tesla (TSLA) is aiming to break above a key resistance level after rising more than 15% this week following first-quarter results. A federal regulator filing Thursday shows that a former top executive gave up more than a million shares.
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Drew Baglino, who served as Tesla’s senior vice president of powertrain and energy, sold 1.14 million TSLA shares for about $181.5 million, according to SEC filings on Thursday. The “approximate sale date” is given as April 25th. “Exercise of stock options” is specified as the type of sale.
Baglino announced on April 15 via a post on X, formerly Twitter, that he had decided to leave Tesla. He had been with the company for 18 years. His announcement came as Chief Executive Elon Musk decided to lay off more than 10% of his global workforce to prepare for the “next phase of growth.”
In 2024, Baglino sold 10,500 TSLA shares as early as Feb. 29 and April 1, according to federal records.
Tesla shares fell 1.3% to 167.94 during Friday’s market move. Meanwhile, the National Highway Traffic Safety Administration (NHTSA) concluded its investigation into Tesla’s Autopilot system on Friday. The NHTSA also opened a new investigation Friday into whether Tesla’s over-the-air software updates to Autopilot were appropriate.
On Tuesday, Tesla reported first-quarter earnings and sales.
Tesla stock performance
On Thursday, Tesla shares rose about 5% to 170.18. This followed Tesla shares rising 12% to 162.13 on Wednesday and hitting an intraday high of 167.97. Meanwhile, TSLA stock fell 3.4% to 142.05 on Monday and hit an intraday low of 138.80.
After rallying following an earnings miss, Tesla stock is now testing resistance at its 10-week moving average, according to MarketSurge analysis. Tesla struggled to get back to that level for much of 2024. A decisive break above resistance could be a positive signal. If Tesla shares fail to reclaim their 10-week line, this falling mark could continue to act as a ceiling for the share price.
While Tesla shares rose more than 15% this week, the stock remained down around 3.3% in April.
Last week, Tesla shares plunged 14%, falling below April 2023 lows.
Tesla stock ranks eighth in the 35-member IBD Auto Manufacturers industry group. The stock has a Composite Rating of 35 out of a best possible 99. Tesla stock also has a Relative Strength Rating of 20 and an EPS Rating of 63.
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