Tesla (NASDAQ: TSLA) stock started at around US$400 today and closed at another record-high of US$404.04, entering new territory for the company. The automaker is close to the US$420 price target Elon Musk set in 2018. Tesla’s upcoming project may have something to do with the rise in stock prices and the anticipation of positive Q4 results.
Today TSLA’s pre-market trading started at US$398.40. There was apparent anticipation that the company’s shares would rise by those who have been watching Tesla’s stock prices this week. It reached as high as US$406.83, a far cry from the US$176.99 that it hit in late May.
Tesla broke the market. pic.twitter.com/6coHhxyWik
— Walter MacVane (@EcoHeliGuy) December 19, 2019
Tesla’s stocks are up by over 60 percent within the past three months. The next-gen automaker seems set for the most growth since Q3 2013, and TSLA stocks could reach above US$400 by the end of the year, which is more than Jefferies' price target and closer to Morgan Stanley's estimates.
Nasdaq reports TSLA stock's bullish run towards US$420 is partly due to “stock investor optimism” stoked by Tesla’s Q3 profitability. The steady rise of Tesla shares may also have something to do with the number of projects Elon Musk and those in the all-electric car company have planned for 2020.
Tesla’s Q4 seems set to be profitable, too, based on Model 3 deliveries and registrations happening around the world. As it stands, Gigfactory 3 in Shanghai seems to be revving up for MIC Model 3 deliveries as soon as the Chinese New Years begin in January.
Are you guys ready for $420 ?! $TSLA & of cuz $TSLAQ 😂 pic.twitter.com/BnofymmO0X
— Vincent (@vincent13031925) December 19, 2019
Empty car carriers have been coming into GF3’s lot and leaving with loads of locally-made Model 3 units. Tesla’s made-in-China sedans are being transported to delivery centers all over the country.
Meanwhile, in Germany, Tesla will be building Gigafactory 4, which will start production on the Model Y production in 2020. Tesla's purchase of the GF4 lot is expected to be approved soon. The automaker’s luxury crossover is expected to exceed sales of the Models S, 3, and X.
Besides the Model Y, Tesla also released the Cybertruck, which has stoked further interest in the company. The all-electric car company has started sales on other products as well, like a subscription service for Premium Connectivity. Tesla seems to be adopting the same model with its features like an OTA Acceleration Boost Upgrade for the Model 3.
