Tesla Share Price Jumps 20% In Just 24Hrs
Tesla posted its biggest one day move since 2013.
Elon Musk's company shares have jumping to 20% by market close after analysts at Argus Research raised their target price on the stock to $808 from $556.
Tesla share price is now up 73% over the past month and 146% over the past three months, taking its market cap north of $140bn. Argus said that its positive view on the firm assumes revenue growth from the Model S and Model X will continue to grow, in addition to “strong demand for the new Model 3, which accounted for more than 80% of 4Q19 production.”
Last week Tesla set a goal to sell more than 500,000 vehicles this year. The electric carmaker is one of the most heavily shorted stocks out there and those who have bet against it suffered losses of $2.5bn on Monday alone.
Tesla share price action displays a very strong bullish trend. Although a correction can be expected at some point, trying to short TSLA is a very risky business. A wise move would be to raise stop losses in order to secure some profits and potentially add more position after a correction.
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