Shares of Tesla rallied again for the fifth consecutive day, seeing a 7% surge on Tuesday, closing at $449.76 USD per share, after reaching up to $461.94 on the day. Tesla’s market cap currently is at $419 billion.
According to Reuters, the consecutive days of gains can be attributed to Tesla’s highly anticipated ‘Battery Day’ next week, set for September 22, 2020. Tesla CEO Elon Musk is set to announce the latest advances in the company’s battery technology and many investors are excited about what’s to come.
Keith Temperton, sales trader at Forte Securities, told Reuters, “That’s given ammunition for the bulls again.”
“The battery side is critical for what happens to Tesla. Otherwise it’s literally just another carmaker. If that proves to be a game-changer, then the stock goes higher again,” said Temperton.
Last Friday, Musk teased “many exciting things” will be revealed on Battery Day, hyping up the event set to take place in one week.