Despite the current performance of Tesla, analysts, including those bullish on the stock, are projecting a moderate price target.The shares of electric vehicle manufacturing company Tesla Inc (NASDAQ: TSLA) is down in the pre-market today stirring speculations that the shares of the most valuable automotive company in the world may be well on their way to close today’s trading session with a loss, ending the 12-day winning streak it has enjoyed. According to MarketWatch, the shares of Tesla prior to this current loss in the pre-market has gained as much as 37.4% to close Friday’s trading session at 0.02 per share.The impressive run of the Tesla shares have not only solidified the standing of the Palo Alto-based company in today’s EV market, but it has also earned its Chief Executive
Topics:
<title> considers the following as important:
This could be interesting, too:
Wayne Jones writes Ilya Lichtenstein Sentenced to 5 Years in Prison for Role in Bitfinex Hack
Wayne Jones writes VanEck Analyst Predicts Successive All-Time Highs for Bitcoin in Coming Months
Dimitar Dzhondzhorov writes Important Binance Announcement Affecting Certain XRP, ADA, and DOGE Traders: Details
Jordan Lyanchev writes Major Win for Elon Musk in 8 Billion Dogecoin Market Manipulation Lawsuit
Despite the current performance of Tesla, analysts, including those bullish on the stock, are projecting a moderate price target.
The shares of electric vehicle manufacturing company Tesla Inc (NASDAQ: TSLA) is down in the pre-market today stirring speculations that the shares of the most valuable automotive company in the world may be well on their way to close today’s trading session with a loss, ending the 12-day winning streak it has enjoyed. According to MarketWatch, the shares of Tesla prior to this current loss in the pre-market has gained as much as 37.4% to close Friday’s trading session at $880.02 per share.
The impressive run of the Tesla shares have not only solidified the standing of the Palo Alto-based company in today’s EV market, but it has also earned its Chief Executive Officer (CEO) Elon Musk the status of the richest man in the world. The growth in Tesla shares earned the company about $227 billion in days to beat a market capitalization of $834.17 billion, the fifth largest of any company in the United States.
The soaring valuation of Tesla, though in danger of a slight correction with the apparent sell-offs in the pre-market today was influenced by increased perception amongst the company’s investors who continually believe in the company’s business fundamentals and its potential to gain more massive market share in the near future.
Despite the current performance of the company, CNN reports that analysts, including those bullish on the stock, are projecting a moderate price target below Friday’s close and in comparison with the mean average forecast by several polled analysts at $440, a 50% drop in the current price of the stock. While the projection from these analysts is generally well taken into consideration in analyzing the performance of the stock, Tesla is known to always beat estimates, with more than 650% growth last year bearing proof of this.
New Plans to Push Tesla Shares Past The Price in Today’s Pre-market
Despite the growing recognition Tesla is enjoying, leading to its addition to the S&P 500 Index (INDEXSP: .IXP) back in December, the company nurtures new plans to push its shares beyond the performance seen in today’s pre-market.
Part of these plans includes the bolstering of its efforts to complete its Gigafactory in Berlin, the project it kickstarted in 2020. With this, Tesla will be able to advance its product into the European market where it can compete for a fair market share.
A major move Tesla will see to this year and in the couple of years to come will be to increase its production and vehicle delivery number, a figure many critics noted that is frail compared to its competitors. For example, while brands like Volkswagen delivered as much as 11 million units in 2019, Tesla is still grasping to beat the 500,000unit benchmark. This delivery number has been projected to increase in the next couple of years.
“I think they could hit 1 million vehicles [delivered annually] by 2022. And looking at north of 3 to 4 million as we go into 2025-26, with 40% of that growth coming from China,” said Daniel Ives, Wedbush Securities analyst. “We believe if you look out over the next 10-15 years, you could start looking at 10-12 million vehicles a year.”
Other news from the stock market can be found here.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.