Vroom vroom: Tesla’s shares rally over 50% since March low
Al Jazeera
The carmaker has seen eight weeks of gains, its longest winning streak since before the pandemic battered markets.
Tesla Inc. shares are staging a comeback as investors expect the Elon Musk-led electric carmaker to navigate the crippling semiconductor shortage better than rivals that have been severely disrupted.
The stock gained as much as 1.7% to $857.60 on Monday in New York, up over 50% from a March 8 low of $563. That comes after eight weeks of gains, its longest winning streak since before the Covid-19 pandemic roiled markets. The rebound makes it the sixth-biggest publicly listed company in the U.S., firmly ahead of Berkshire Hathaway Inc.
“We believe an evolving green tidal wave will push shares of Tesla higher despite the near-term chip shortage with 3Q earnings this week another positive catalyst,” wrote Wedbush analyst Daniel Ives in a note from Sunday.
