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Both Tesla and Apple are beginning stock split trading today, giving investors the opportunity to access additional shares in the companies.Following the 11th of August announcement of its five-for-one stock split, Tesla Inc (NASDAQ: TSLA) jumped 7% in premarket trading. With the stock split, the electric vehicle (EV) maker hopes to give employees and more investors access to its shares. According to the announcement, each shareholder as of the 21st of August will receive four additional shares of common stock for each of their then-held shares. Subsequently, Tesla said the additional shares will be distributed after the close of trading on the 28th of August. After then, trading on the stock split basis will begin on the 31st of August, the announcement revealed.Tesla Five-for-One Stock
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Both Tesla and Apple are beginning stock split trading today, giving investors the opportunity to access additional shares in the companies.
Following the 11th of August announcement of its five-for-one stock split, Tesla Inc (NASDAQ: TSLA) jumped 7% in premarket trading. With the stock split, the electric vehicle (EV) maker hopes to give employees and more investors access to its shares.
According to the announcement, each shareholder as of the 21st of August will receive four additional shares of common stock for each of their then-held shares. Subsequently, Tesla said the additional shares will be distributed after the close of trading on the 28th of August. After then, trading on the stock split basis will begin on the 31st of August, the announcement revealed.
Tesla Five-for-One Stock Split
For the past year, Tesla’s stock has been surging and the company has gained almost 430% in 2020 alone. On Thursday, TSLA closed at its latest record-high of $2,238, reaching an intraday record of $2,295.60. In addition, a MarketWatch report revealed that TSLA had its best month in August as the stock rose 56%. Before then, the company’s highest monthly increase was in May 2013.
With the recent increase in Tesla’s stock, analysts are more optimistic that the company will continue to soar. Bloomberg recently reported that Jefferies analyst Philippe Houchois increased his price target for the company with the belief that Tesla’s “Battery Day” will push its share price. Currently, Tesla boasts of a market capitalization of $412.49 billion.
Also, the report showed that most Wall Street analysts are cautious about Tesla’s stock. According to the report, 36 analysts are covering the EV company’s stock. Out of these analysts, surveyed by FactSet, 31% say sell, 19% say buy, and the other 50% say hold.
More on the Split
Generally, shares of EV companies have been surging significantly. Several analysts said the increase is a result of Tesla’s recent successes and ability to create more audiences for the EV industry. Other EV companies such as Nikola Corporation (NASDAQ: NKLA) and Li Auto Inc (NASDAQ: LI) have also recorded gains in their stocks.
In 2020, Nikola Corp. has jumped over 300% and more than 20% in the last three months. Li Auto, which went public about a month ago, has jumped more than its Initial Public Offering (IPO) price of $11.50. Currently, the company is trading at a premarket price of $18.11, after a close of $17.60.
Furthermore, Tesla’s second-quarter results, which were released on the 22nd of July, revealed the company’s fourth straight quarter of profits. With this, Wall Street believes that the EV maker will be included in the S&P 500 index in a few months.
Also, trading for Apple Inc (NASDAQ: AAPL) four-for-one stock split will begin on the 31st of August. The multinational technology company announced the split with the aim of making it’s stock accessible to more investors. Announced on the 30th of July, the press release said that each of the company’s shareholders will receive three additional shares for every share held on the record date.
Currently, at a premarket trading price of $126.11, AAPL is up 1.08% over its last close of $124.81. In its year-to-date performance, the company has climbed 70% and more than 55% in the last five months.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.