Tesla stock has set a new record after it surged 13.5% on Monday. The increase has pushed the company’s market value to 5 billion. Today TSLA is trading in the green again.Tesla (TSLA) stock continues to surge against the global economic loss the world is presently experiencing. Since the beginning of the pandemic, many Wall Street companies have suffered great losses in the stock market. However, Tesla Inc (NASDAQ: TSLA) has continuously weathered the storm, increasing another 13% on Monday, to set a new quarterly stock record. TSLA has now increased by billionIn June, Tesla stock increased, climbing nearly 30% by the end of the month. In the pre-market, TSLA was trading at around ,404.20. It means that it has pulled in a total 45.81% increase in the last 30 days. The recent
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Tesla stock has set a new record after it surged 13.5% on Monday. The increase has pushed the company’s market value to $245 billion. Today TSLA is trading in the green again.
Tesla (TSLA) stock continues to surge against the global economic loss the world is presently experiencing. Since the beginning of the pandemic, many Wall Street companies have suffered great losses in the stock market. However, Tesla Inc (NASDAQ: TSLA) has continuously weathered the storm, increasing another 13% on Monday, to set a new quarterly stock record. TSLA has now increased by $30 billion
In June, Tesla stock increased, climbing nearly 30% by the end of the month. In the pre-market, TSLA was trading at around $1,404.20. It means that it has pulled in a total 45.81% increase in the last 30 days. The recent 13.5% increase comes as an improvement over its last close at $1,371.58. This increase brings Tesla stock’s year-to-date gains to 227.87% and a whopping 496.18% increase in the last 12 months.
At the time of writing, as the market opened, Tesla stock is around 4% up, trading at $1,427.00.
Tesla Stock Record Boosts Price Target
As a result of the recent gains, the JMP Securities analyst Joseph Osha has pushed the price target of a share from $1,050 to $1,500. The target increase is due to several factors, including Tesla’s delivery of 20,000 more vehicles than it initially expected. Osha is now optimistic that in 5 years, Tesla will achieve $100 billion in annual sales. He commented:
“TSLA delivered significant upside to our estimates and the consensus outlook for 2Q20 deliveries, reporting a total of 90,650 units as compared to our estimate of 73,800 and the consensus figure of 70,300. All of the upside appears to have Model 3 and Model Y deliveries, which the company reports jointly. We reiterate our Market Outperform rating and raise our price target to $1,500 (from $1,050). Our target is now based on our belief that TSLA is positioned to become a $100bn company with 20% EBITDA margins by 2025, with that outcome discounted back to the present.”
Since Tesla’s inception, this is the first time the automotive company would experience four consecutive quarters of profit. The increase has now pushed Tesla’s market capitalization to $245 billion, continuing its streak as the world’s most valuable automaker.
Tesla Outlook
On Thursday, Tesla delivered a report that the company delivered 90,650 vehicles in the second quarter against the expected 72,000. Following this announcement, JPMorgan increased its price target for Tesla stock. Analysts at one of the largest banking institutions in the US have now increased TSLA’s price target to $295 from $275. Similarly, Deutsche Bank added $100 to its price target, setting it at $1,000 from the previous $900. According to Deutsche Bank analyst Emmanuel Rosner, the automaker’s delivery numbers are quite “robust.” Tesla might be well on its way to hit a new stock record.
Tesla’s rival, Nio, also recently experienced some increase as the stock jumped 22.7% to $11.51. This marks a fifth straight gain for the company. Buy today Nio stock is 4% down.
However, other electric vehicle makers are experiencing losses. For example, Nikola Corporation (NASDAQ: NKLA) is now 9% down, the stock is trading at $44.59. The rival automaker has also lost over 27% in the last five days.
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.