The share price of Tesla, Inc. (NASDAQ: TSLA) closed at $263.26 after an 11-day rally. The electric car manufacturer’s stock is showing a constant bullish trend despite negative news and predictions swarming the social media sphere.
The major catalyst in reversing the downfall of Tesla’s stock price was Elon Musk’s successful vote for his 2018 compensation package at the company’s 2024 Annual Shareholder Meeting last month. Musk’s reward regained his attention in steering Tesla to a 25 trillion dollar company in the future.
However, after this year’s Shareholder Meeting, Tesla also announced its Q2 2024 vehicle production and delivery numbers which showed a 15% growth in vehicle deliveries compared to the 1st quarter. This further strengthened Tesla’s position as the leader in EV manufacturing globally.
Tesla’s (TSLA) share price jumped from $182.58 on Monday 24th June to $187.35 on Tuesday, 25th June. Since then it has been constantly climbing the ladder as we can witness in the graph above. This is more than a 40% gain in 11 business days at the NASDAQ stock market.
Aside from the increase in vehicle deliveries in Q2, Tesla has been making a good effort to bounce back and regain its trillion-dollar market cap.
The multinational investment firm Goldman Sachs also raised its Tesla (TSLA) price target from $175 to $248 yesterday. Although Tesla was trading above Goldman’s new price target yesterday, it still gave investors confidence in Tesla.
Tesla is also getting success with its Autopilot Full Self-Driving (FSD) software. Although the automaker’s self-driving technology is still in the beta-testing phase called FSD (Supervised) meaning that it still needs human oversight and intervention when necessary for safety reasons. However, with the launch of FSD version 12, Tesla has made significant progress with its autonomous driving AI tech.
After the 11-day rally, Tesla stock reached a peak of $270.34 this morning. However, as of this writing, Tesla’s share price has dropped by about 6% to $246.87 at around 12:45 PM Eastern Time.
Tesla stock’s 11-day streak ended on Thursday 11th July. Tesla’s share price dropped from $263.26 to $241.03. At the start of the next week, Tesla stock started picking up but is still trading below the last Wednesday’s price mentioned above (last updated on 16th July 2024).
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