Tesla Motors (TSLA) is seeing a rare up day today despite posting another big quarterly loss as the company narrowly beat analyst estimates.  After a significant correction in recent months, traders are looking for any sign of a positive and they got a small one today.

Tesla reported an EPS loss of .47/share on revenues of $36 million which was a bit above the analyst estimates of an EPS loss of .50/share on revenues of $34 million.  The revenue number represented a 95% increase over the year ago quarter, but increasing R&D costs kept the company from posting a narrower EPS loss.

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“We are very pleased to report continued revenue growth, improving margins and a steady progression in our Roadster and powertrain activities,” said Elon Musk, CEO of Tesla Motors. “Our powertrain team delivered solid results, with an increase in orders and record deliveries of battery packs and chargers for the Daimler Smart fortwo electric drive, the completion of our development program for the Daimler A-Class, and the commencement of the phase 1 development program for the Toyota RAV4 EV.”

“The highlight of the quarter was our on-time completion of the first drivable Model S alpha,” continued Musk. “The quality and level of refinement of the alpha demonstrates the superb job of our design, vehicle engineering and powertrain teams. They have embraced the opportunity to build an EV from the ground up and have produced a vehicle which shows great potential to deliver superior aerodynamics, stability and handling, crash safety, performance and range. We believe the Model S is well on its way toward becoming the vehicle of choice for 2012.”

Shares of TSLA are up over 5% this morning and looking increasingly like they are close to bottoming out around that $24 level which happens to be around the breakout point of last November.  In my opinion, shares are compelling for a trade at current levels.