After jumping $19.73 (+5.34%) on Friday the stock is up another $5.91 (+1.52%) in early pre-market trade. $395.13 last.
From Barron's, December 8/9:
Entering the week, Tesla is only about 6% from an all-time high. The question for investors now is whether it can get there.
Investors will look for a record high for Tesla stock by year-end. It just might get there.
Entering the week, Tesla stock is less than 5%, or $21, shy of its record closing high of $409.97 reached on Nov. 4, 2021. It’s about 6%, or $25, away from its intraday high of $414.50 reached on the same day.
Shares were up 1.3% in premarket trading Monday at $394.24, while S&P 500 futures were down 0.1% and Dow Jones Industrial Average futures were flat. The gains Monday follow Friday’s 5.3% jump for the stock.
At the start of the year, with shares at less than $250, a record high looked unlikely, but then Tesla stock typically does the unexpected. Entering Monday trading, Tesla stock was up about 57% for the year.
Earnings haven’t led to the gains. According to FactSet, at the start of the year, analysts expected Tesla to earn about $5 a share. That estimate is down to about $3.40 a share. Price competition in China, and slowing EV sales in Europe and the U.S. have weighed on estimates.
Instead, investors have focused on the potential for self-driving cars. They have arrived. Alphabet ’s Waymo completes more than 150,000 self-diving cab rides a week. Tesla expects to start a self-driving robotaxi service in late 2025.
The impact of self-driving cars on the stock is a topic for fundamental analysts. Technical stock market analysts looking at stock charts can also help handicap what’s coming for Tesla stock over the coming few months. Things look good....
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