Tesla Stock On Track For Cautious Rebound After 4% Drop: What's Going On?
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) is experiencing a cautious rebound in premarket trading with a 0.60% rise to $239.87 after a 4% drop. The rebound follows positive fourth-quarter delivery data and updated analyst price targets, such as Jefferies' increase from $210 to $255. Fund manager Gary Black remains optimistic, expecting an increase in core auto margin in the upcoming Q4 results on Jan. 24, 2024. Ark Investment, led by Cathie Wood, purchased over $25 million in Tesla shares during the recent dip. Tesla's stock is anticipated to stay range-bound until the Q4 results are released.
January 04, 2024 | 12:40 pm
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Tesla's stock is rebounding cautiously in premarket trading following a 4% drop. Analysts have raised price targets after better-than-expected Q4 delivery data, and Ark Investment has purchased a significant amount of Tesla shares.
The cautious rebound is likely due to the positive Q4 delivery data and the updated price target from Jefferies, signaling confidence from analysts. Ark Investment's purchase also suggests strong belief in Tesla's value, potentially influencing investor sentiment. However, the stock may remain volatile until the Q4 results are officially announced.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100