Global Equities Research Analyst Trip Chowdhry has once again voiced strong support for Tesla shares (NASDAQ:), even though the stock is being battered due to massive insider sales by CEO Elon Musk.

In his monthly routine checks of the Fremont Factory, an analyst observed that the May 2022 start has been a very strong month for Production, Shipments, and Deliveries.

He noted the factory photos that appear to show “a lot of Shipping Trucks” in 2Q 2022 vs. 1Q 2022 and estimated that “TSLA had increased the number by at most 20%.”

Analyst believes that Fremont Factory is operating 10%-20% above its capacity and adds that 2Q “is shaping up to be a Monstrous Quarter”.

Its latest (1Q) report showed a firm beat. The company reported EPS at $3.22. That is significantly more than the $2.26 consensus estimate. Year-over-year, revenue increased 81% to $18.8 Billion. This was higher than the consensus estimate of $17.8 Billion. Tesla sold 310,048 vehicles, while producing 305,407 cars.

This analyst comments come after a Tesla stock crisis. Last week saw shares in the world’s largest EV producer take a near 15% fall as Tesla’s CEO Elon Tesla sold $8.5B worth stock of his company to fund the acquisition of Twitter (NYSE.). Musk then announced that no additional sales were planned. Musk also used Tesla shares to secure a loan that will finance part of his transaction.

Trip Chowdhry has reiterated a Buy rating for TSLA shares, with a $2300 price target. This implies just shy of 200% upside compared to current levels of $870.