Stock Market

Tesla’s Gain Rally Continues As “Battery Day” Excites Traders

Tesla-s-Gain-Rally-Continues-As-Battery-Day-Excites-Traders

On Tuesday, Tesla continued its uptrend rally for the fifth consecutive session, heading for the regain from the fall which it encountered after exclusion from the S&P 500 index and sell-off of its stocks by the company itself. The gains are expected to be traders’ positive expectations from the Battery Day event, scheduled next week.

The US electric car maker’s stocks traded at $437.89, or 4.4%, in the early trading session of Tuesday. However, the level is still $65 down from the company’s all-time high witnessed in early September.

Next week, Tesla’s Battery Day event is scheduled where the firm’s CEO, Elon Musk, will be reporting the latest advancements in battery tech and the gains are the outcome of the anticipation, according to many expert traders.

In contrast, analysts’ warn the investors to be wary of the stock and are not convinced about the firm’s long term future. Median PT of Tesla’s share is still $140 less than the current trading level, and the aggregate rating by experts is “Hold” for the firm’s stock.

In the meantime, a direct rival of Tesla, Nikola Corp., which announced to launch an electric pick up by 2022, plunged 8%, due to a public spat with a short-selling trader that cited the firm as “fraud”.



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