Elon Musk's electric vehicle (EV) maker, Tesla Motors (NASDAQ: TSLA) has arguably made the biggest comeback of 2024. After trading deeply in the red in the initial months of the year and even spending some time as the worst-performing stock in the S&P 500, it suddenly skyrocketed in value in late June.
Following Tesla, Inc.'s TSLA above-consensus second-quarter deliveries number, bullish analysts suggest turnaround may have begun at the electric vehicle maker. Wedbush analyst Daniel Ives on Thursday weighed on how a potential second term for former President Donald Trump would influence the fortunes of the Elon Musk-led company.
Tesla's stock price is on fire due to better-than-expected delivery numbers.
Tesla, and all other car stocks, will react to U.S. inflation data on Thursday
Shares of Tesla are up 47% over the last month. Questions linger about Tesla's progress on autonomous driving and its highly anticipated robotaxi event in August.
Tesla stock is easily one of the market's best performers in recent years. The company has rapidly disrupted the auto industry, becoming a clear leader in electric vehicles.
Tesla is expected to publish its Q2 2024 results on July 23, reporting on a quarter that saw the company deliver 443,956 vehicles. While the numbers were ahead of Street estimates, they still represent a decline of about 5% compared to last year.
Tesla (NASDAQ: TSLA ) is at its highest price in 2024 and has bounced more than 80% higher from its April lows. Better than expected second-quarter deliveries drove the shares higher and Tesla stock notched its ninth consecutive day of gains.
Tesla and Apple have made substantial recoveries in recent months. The "Magnificent Seven" now make up over a third of the value of the S&P 500.
Tesla (TSLA) shares finished higher for an eleventh straight session Wednesday as Goldman Sachs analysts raised their price target for the electric vehicle giant's stock.
Tesla's dominance of the American electric car market has faded, even as vehicle sales surge. The company's share of the electric vehicle (EV) market fell just below 50% in the second quarter of the year, The New York Times reported Tuesday (July 9), citing new estimates from Cox Automotive.
Is Tesla (NASDAQ: TSLA ) the new meme stock? According to one investing expert, the answer could be yes.