Those who watched the stock market open this morning likely saw Tesla open to a whopping gain of twenty points, almost instantly. Not more than a minute or two later, the stock price shot past the $500 mark, and has since settled around $502 - $503.
As of 10:45 EST, Tesla ($TSLA) stock traded at $503.62 per share, up 5.33% from Friday's close; as compared to the S&P 500, which weighed in at $3274.48, up 0.28% from the morning's open.
Tesla's continued rise is beyond comical, especially for short sellers and bears. The rise is comical, not to say that it is unjustified, but rather entertaining to see how much Tesla can still soar despite the constant berating from press, bears, and shorts.
Last Thursday, Tesla lost 2% while the markets were up overall. Thursday was, in fact, the first (and only, so far) day of the year in which Tesla closed down. In no time at all, many were declaring the end of Tesla's rally. MarketWatch even published an article titled, "Tesla Stock's 'Meteoric' Rally Comes to a Halt".
As fate would have it, Tesla closed up nearly 2.5% on Friday, and now is flexing today's gains of more than 5% for all to see. Adding to the juicy gains was an upgrade by Colin Rush of Oppenheimer, an acclaimed Wall Street analytics firm.
As Tesmanian's Eva Fox wrote earlier today, "Rush almost doubled the current target price for Tesla, which he set at the end of October at $385 per share, to $612 per share. He claims the company has reached a “critical scale” to support sustainable free cash flows. He also suggests that a company could also pose an “existential threat” to transport companies that have no ambition or ability to innovate at the fast pace of Tesla."
This upgrade, the numerous other upgrades from analysts, all the news, developments, and record sales all are contributing to the continued rise of Tesla, and may very well carry the stock up all the way to the 4Q2019 Earnings Report on 29 January.
Cover image used courtesy of Tesla, Inc, and Christopher Larson (Dense Media)
Legal Disclaimer --
This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Christopher Larson, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Christopher Larson is not a shareholder in Tesla, Inc., however currently (at the time of this article's publishing) holds options or securities in Tesla Inc. and/or its affiliates.
