(Reuters) – Tesla Inc.’s stock was set for the fifth consecutive session of gains as expected for its “Battery Day” event next week, pulling back some of its recent valuation declines following a surprise exclusion from Cell- and F&S.
Shares of the company rose 4..4% to 7 $ 7..89 at the start of trading on Tuesday, hitting લર 2 per share since the beginning of September.
Traders told Reuters that the latest gains are expected next week at the electric-car maker’s “Battery Day”, where chief executive officer Elon Musk is expected to make the latest improvements to Tesla’s battery technology in G.
Keith Temperton, a sales trader at Fort Fort Securities, said the bull has been given bull ammunition again.
The test side added, “The battery side is serious for what happens to Tesla. Otherwise it’s just another car manufacturer. If it proves to be a game-changer, the stock will go higher again.”
Wall Street analysts are still unsure about Tesla’s long-term prospects. The company’s stock has an average rating of “hold” and the average PT is about 140 d short at current trading levels, according to RefinitiveEcon data.
Shares of electric vehicle maker Nicola Corp., which is in public with a short seller who has accused the company of “fraud”, are down nearly 8%.
(Reporting by Munsif Vengatil and Shruti Shankar in Bengaluru; Editing by Shonak Dasgupta)
