Tesla Inc’s stock was set for a fifth consecutive session of gains as expectation heats up for its “Battery Day” event next week, recouping some of its latest valuation declines after a sell-off and surprise exclusion from the S&P.
The company’s shares were up as much as 4.4% at $437.89 in early trading on Tuesday.
Traders informed Reuters of the recent gains were in anticipation of the electric automaker’s “Battery Day” next week, where CEO Officer Elon Musk is expected to tout the recent improvements in Tesla’s battery technology.
“That’s given ammunition for the bulls again,” said Keith Temperton, sales trader at Forte Securities.
“The battery side is critical for what happens to Tesla. Otherwise, it’s literally just another carmaker. If that proves to be a game-changer, then the stock goes higher again,” Temperton added.
Wall Street analysts are still not entirely convinced about the company’s long-term prospects. The average rating on the company’s stock is “hold” and median PT is nearly $140 short of current trading levels, according to Refinitiv Eikon data.
According to Bloomberg Billionaires index, Elon Musk has regained the sport of 3rd-richest person in the world with the net worth of $102 billion.
