Tesla Inc (NASDAQ:TSLA) Stock Turns Volatile After Reaching All-Time High
As far as electric vehicles stocks are concerned, the Tesla Inc (NASDAQ:TSLA) stock still remains the gold standard in the market and yesterday the stock was on the move once again.
Market Stats
On Wednesday, TSLA stock moved up 4.34% at $,1068 with more than 42.80 million shares, compared to its average volume of 22.56 million shares. The stock has moved within a range of $987.32 – 1,078.05after opening the trade at $1010.
Major Trigger
The day started badly as investors tried to pre-empt a possible sale of 10% of the stock that that is owned by the company’s founder Elon Musk and the stock sank. However, the situation soon improved for the stock as a bullish research report from Bank of America turned sentiments completely and resulted in another significant upward move. In its report, the Bank of America analyst set the fresh price target of the Tesla stock at $1200 a share.
That is considerably higher than the previous price target of $1000 a share from Bank of America. While it is true that the latest price target is quite ambitious considering the fact that the report did state that the bank was valuing the stock at multiple of 21 with regards to its 2022 sales, it cannot be denied that Tesla is growing at a remarkable clip. The bank stated that by the time 2025 comes along, the $1200 a share price will only be fourfold its sales.
Traders Corner
TSLA stock is trading above the 200-Day and 50-Day Moving averages of $728 and $871.28 respectively. Moreover, the stock is trading above the 20-Day moving average of $1,045. The stock is up 50% in the past 3-month.
