It isn’t hard to see how fickle the stock market can be, though anyone daring to take the plunge can also reap the benefits if they’re smart about it.
MarketWatch reported Monday morning that Tesla’s stock had climbed 1.8% in Monday’s premarket trading period, meaning that the electric vehicle (EV) company would likely open the week with record-breaking numbers.
The news comes on the tail end of a helpful endorsement from Dan Ives at Wedbush, who increased Tesla’s target price from $1,800 USD to $1,900 USD. Ives claimed that the demand for Teslas in China was still increasing greatly, which justified the change in target price.
— Ben Wegmann (@benwegmann) August 17, 2020
Ives and other stock experts have already begun predicting Tesla’s rise above $2,000 USD per stock, so the new change in target price is right in line with that prediction, and with its stocks just under $1,800 and rising on Monday, Tesla is likely to pass this goal in Q3.
Tesla’s stock has more than doubled over the course of the past three months, and this isn’t likely a trend that’s going to stop anytime soon.
Regardless of its stock price, it’s no secret that consumers are buying more and more Teslas, and that the company’s stocks will continue to grow as mainstream demand for EVs increases.
As of writing, Tesla is trading up 7.49% at $1,774 USD per share. The stock hit a daily high of $1,793 per share.