Tesla Shares Rebound 11% as Part of Tech Rally and Goldman Sachs Comments

Shares of Tesla have jumped 11% on Monday, as part of a larger tech sector rally and also a positive research note from Goldman Sachs.

According to CNBC, Goldman Sachs said demand for Tesla is increasing in China, saying, “Tesla global weekly app downloads have recently been tracking up on a year-over-year basis, with the most recent full week of global data up about 20% yoy,” according to a Monday research note.

Goldman also cited Tesla’s typical stronger deliveries near the last month of each quarter.

Later this month, Tesla will hold its Battery Day presentation, which CEO Elon Musk has teased will see “many exciting things” revealed on September 22, 2020.

Shares of Tesla are down 20% compared to their September 1 all-time high, currently trading at $413.88 as of writing, up 11.04%.