Tesla Stock: Reason for Thursday's Rise.

    Tesla Stock: Reason for Thursday's Rise. Shares of the electric car maker rose 38% overall in October alone.  

What happened

Shares of Tesla TSLA (NASDAQ) $1.077,27 +39,41 (+%3,80) jumped big on Thursday, gaining more than 3% as of 11 a.m. EDT. The stock's rise followed an analyst's move this week to raise its 12-month price target for shares of the electric vehicle (EV) maker to $1,300. In fact, Thursday's gain is known to build on last month's momentum. The stock has increased by 38% since last month.

So what

Tesla stock showed this increase among EV manufacturers, thanks to Analyst Alexander Potter's announcement Thursday of the $1,300 target.

Tesla Stock: Reason for Thursday's Rise.

Moreover, he praised Tesla's warranty performance and added that the quality of the automaker's vehicles has improved. As of this writing, the S&P 500 is up 0,8%.

Now what

As a result of all these valuations, it is expected that the EV manufacturer will continue this performance in the last quarter of the year and enter 2022 much stronger. It was announced that the expected growth was around 60% (or even higher). But this growth of the company likely based on the company's recent vehicle production rates and quarterly deliveries.

Tesla Stock: Reason for Thursday's Rise.

 

Source: The Motley Fool

You may also be interested in:

Analysts Love Netflix’s Earnings: Should You Buy This Stock?