Shares of electric-car maker Tesla (NASDAQ:TSLA) jumped on Wednesday, rising as much as 5.1%. By the time the market closed, however, the stock had settled to a 3.7% gain.
The growth stock's gain comes as one analyst expressed some optimism for Tesla's second-quarter deliveries, which the company will likely report anytime between now and Friday.
Tesla saw a "very strong" end to its second quarter in vehicle deliveries, according to Wedbush analyst Daniel Ives. He believes deliveries rebounded in the U.S. and Europe during June, following a production pause at its factories due to the coronavirus. Furthermore, Ives thinks there is "massive" demand for Tesla cars in China.
Since Tesla typically reports its quarterly deliveries within three days of its quarter-end, investors can expect an update from the company by July 3.
The electric-car company was originally expecting to deliver more than 500,000 vehicles in 2020. Though that forecast was made before the coronavirus led to temporary factory shutdowns. The upcoming report from Tesla may help investors determine whether the company's original guidance is still achievable.