Investors boost Tesla stock as Robotaxi plans gain traction

Tesla shares have experienced a positive turnaround, now in the green for the year as investors shift their sentiment towards Elon Musk's electric vehicle company, especially with the highly anticipated Robotaxi on the horizon. The stock recently completed its longest winning streak since June 13, 2023, closing at $251.52 per share. This positive momentum has erased the annual deficit and brought shares up by 1.2% through Friday.

In the month of July alone, Tesla's stock has surged by 27%, significantly outpacing the 2% rise in the S&P 500. Despite a slight drop in deliveries compared to the same period last year, Tesla reported better-than-expected second-quarter deliveries of 443,956 vehicles, including its popular Model 3 and Ys.

Analysts like Dan Ives from Wedbush Securities are optimistic about Tesla's future, pointing to the stabilization of electric vehicle demand globally and the upcoming Robotaxi Day on August 8th as potential catalysts for further growth. Ives maintains an outperform rating on the stock with a price target of $300, while 22 out of 50 analysts covering Tesla rate it as a buy.

Elon Musk's recent retweet of a hands-free Tesla ride video showcases the company's progress in autonomous driving technology. With Tesla expected to report its second-quarter results on July 23, investors will be closely watching for updates on the company's financial performance and future outlook.

Overall, Tesla's recent stock performance reflects a shift in sentiment towards the company's growth potential, driven by positive delivery numbers and anticipation for upcoming developments in autonomous driving technology. Investors will be closely monitoring Tesla's upcoming earnings report for further insights into the company's trajectory.


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