Tesla shares rally again, boosted by 'Battery Day' excitement

© Reuters. A pedestrian walks past skyscrapers in the financial district in London


(Reuters) – Tesla Inc’s (O:) stock was set for a fifth consecutive session of gains as anticipation heats up for its “Battery Day” event next week, recouping some of its recent valuation slump following a sell-off and surprise exclusion from the S&P.

The company’s shares were up as much as 4.4% at $437.89 in early trading on Tuesday, still $65 per share shy from its early September highs.

Traders told Reuters the recent gains were in anticipation of the electric-car maker’s “Battery Day” next week, where Chief Executive Officer Elon Musk is expected to tout the latest improvements in Tesla’s battery technology.

“That’s given ammunition for the bulls again,” Keith Temperton, sales trader at Forte Securities said.

“The battery side is critical for what happens to Tesla. Otherwise it’s literally just another carmaker. If that proves to be a game-changer, then the stock goes higher again,” Temperton added.

Wall Street analysts are still not fully convinced about Tesla’s long-term prospects. The average rating on the company’s stock is “hold” and median PT is almost $140 short of current trading levels, according to Refinitiv Eikon data.

Shares of electric-vehicle maker Nikola Corp (O:), which is in a public spat with a short-seller that has accused the company of “fraud”, were down nearly 8%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Strike disrupts air traffic in Brussels on Thursday

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here