Another day, another new high Tesla (NASDAQ: TSLA) stock. On Monday, the electric car maker’s stock price soared 16.2%. As of 11:50 a.m. EDT, the stock rose about 12%. This has caused the stock price to rise by more than 600% in the past 12 months, and it has risen more than 300% so far this year.
Growth stocks may rise for multiple reasons, including last week’s momentum, speculating that the stock will soon be included in the index. S&P 500 Index, and analyst comments about the company’s upcoming Battery Day event.
Last week, Tesla’s stock price soared because of news that the stock may soon be included in the S&P 500 index. This may boost further gains on Monday, as some investors bet that the stock is included in the index will result in more demand for the stock.
Now, analysts’ comments may further boost the stock price. The company’s Battery Day event on September 22 may become a “primary positive catalyst” for Tesla stock. The note comes from Wedbush analyst Daniel Ives, who also believes that the automaker may report profits for the fourth consecutive quarter. Tesla has repeatedly postponed its battery incident, and it is expected that the company will disclose some news about the latest development of its battery. But as the date of the Tesla battery incident is now officially announced in the press release, and considering that the incident will be held at the same time as the annual shareholder meeting on the same day, it seems unlikely that the incident will be postponed again.
How to do
The crazy rise of Tesla’s stock has always been a surreal tipping point. In terms of market value, the company is currently one of the top ten companies in the United States with a market value of US$325 billion.
Because Tesla stock has made such a large gain in the rearview mirror, investors will pay close attention to the company when it announces second-quarter results on July 22.