While Tesla (TSLA) grew during the ongoing semiconductor chip shortage, other automakers barely stayed afloat – and now Tesla’s on a bull run that has some analysts pointing to the automaker’s success despite the shortage.
Tesla shares are gaining once again headed upwards, reaching up over 50 percent of a March 8 low of $563, and achieving its longest consistent upward turn since the onset of the COVID-19 pandemic, according to Bloomberg. The company’s 52-week high is $900.40 per share.
In addition, the push upward makes Tesla the sixth-biggest publicly listed company in the U.S., even landing ahead of Berkshire Hathaway.
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— TeslaNorth.com (@RealTeslaNorth) October 17, 2021
In a note on Sunday, Wedbush’s Daniel Ives said, “We believe an evolving green tidal wave will push shares of Tesla higher despite the near-term chip shortage with 3Q earnings this week another positive catalyst.”
In addition to Ives, other analysts like those from Piper Sandler have previously said that Q3 will be Tesla’s strongest quarter ever – as aided by a set of record deliveries from Tesla in China, the world’s largest auto market.
Tesla’s Model 3 and Model Y continue to be top-selling electric vehicles in numerous nations around the world. Estimated delivery dates for these models continue to be pushed back into the summer of 2022, likely due to heavy demand and the global semiconductor shortage.
Tesla's outstanding share count as of Aug 9, 2021 is 1.002B, which means $TSLA will hit a $1 Trillion market cap at $998/share. 📈
— Sawyer Merritt 📈🚀 (@SawyerMerritt) October 18, 2021
Tesla is set to report its third-quarter earnings on Wednesday, with an impressive total of 241,300 vehicles delivered in the quarter.
At the time of writing on Monday, Tesla’s shares were trading at $861.50, up 2.19% percent from Monday’s market open.
