Analyst lifts his price target to US$2,322 from US$939
The reasons behind the gains aren’t always clear. Improving operations and profitability, a potential for “game-changing” battery technology at an upcoming event, short covering and a potential inclusion in the S&P 500 Index have all helped push the price higher.
The surge has added US$202.3 billion to its market value — or more than Exxon Mobil’s entire market cap these days — and propelled it to displace Toyota Motor Corp. as the world’s biggest carmaker by stock value. An average of 17.7 million shares have traded hands daily since the beginning of the year, more than double the activity in the same period last year.Article content continued
Much of the trading has come from retail investors clamouring to get into the growing electric vehicle space. On the Robinhood trading app, more than 40,000 accounts took positions in Tesla in a single four-hour span on Monday. It was the 10th most popular stock on the platform. Still, not everyone is cheering the run. The stock last week was poised to cross US$20 billion in short interest bets, the first to do so, according to data from S3 Partners. Amid the rally, the skeptics have suffered more than US$18 billion in mark-to-market losses, including US$4.1 billion in losses in July alone.
“If Tesla’s stock price continues to trend upward, we expect even more short covering as mark-to-market losses accumulate,” S3 said in its July 9 report.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada, U.S. To Extend Border Closure Amid Pandemic: ReportThe border has been closed for non-essential travel since March.
Read more »
British winter could see up to 120,000 COVID-19 deaths in second wave, study suggestsProfessor says number isn't a prediction, but is a worst-case scenario
Read more »
Chipmaker Analog Devices buys rival Maxim for about $21-billionAnalog Devices shares rose just under 1 per cent, suggesting investors tacitly approved
Read more »
Fatty liver disease a growing public health concern in Canada: studyDoctors are warning that soaring rates of nonalcoholic fatty liver disease, or NAFLD, could impose an enormous burden on Canadian health care over the next decade if there isn't more public awareness.
Read more »
Minnesota scores two in stoppage time, stuns SKC for comeback win - Sportsnet.caLAKE BUENA VISTA, Fla. — Kevin Molino scored in the seventh-minute of second-half stoppage time as Minnesota United rallied with two late goals to beat Spo
Read more »