Tesla came in second on Consumer Reports’ annual list of auto reliability brands released Thursday, but its shares hit new highs Thursday and are still expected to surge about 20 percent this week, their biggest weekly gain in three months before the August 31 split. Tesla’s share price has repeatedly bucked the market in recent days after it was confirmed that it would be included in the S.P. 500 next month.
Tesla rose above $508 in early trading Thursday, breaking an in-market record set on Sept. 1, with the biggest in-day gain of more than 4.5 percent, up about $100 from monday’s close before the announcement. Although Tesla’s share price has since fallen below $500, it is still above $490 and is expected to rise more than 20 percent by Thursday’s close.
Tesla is expected to surge about 20 percent this week, its biggest weekly gain in three months before a stock split on August 31. Tesla’s shares rose more than 24 percent in the week to August 21.
Both the S. and P. 500 and the Dow continued to fall on Thursday, with the index moving higher in the middle of the day. Moreover, on the same day, the U.S. consumer goods authority third-party evaluation magazine authoritative consumer reports, because Model Y has been the body panel seams and paint problems, Tesla’s ranking is almost bottom, in the consumer reports of the annual list of automotive reliability brands ranked second, in 26 brands ranked 25th. Still, Tesla is likely to end the day on the back of a three-day rally. It’s also a big rise in the days since the dust settled on the S.P. 500.
On Monday, after U.S. stocks traded, Dow Jones announced plans to include Tesla in the S.P. 500 on December 21, considering whether to include it in a one-time or phased process. After the news, the stock surged more than 13 percent in just a few hours after the market expected index funds to buy Tesla in large numbers passively.
During Tuesday’s formal trading session, Tesla continued to surge as the broader market turned down, at one point breaking $460, its highest in-day gain since October 14, with the biggest in-day gain of more than 13 per cent, eventually rising more than 8 per cent.
On Wednesday, Morgan Stanley analyst Adam Jonas raised Tesla’s rating from flat to higher, for the first time in more than three years, and raised Tesla’s target price by 62.2 percent from $360 to $540, up 22 percent from Tesla’s closing price on Tuesday. It argues that Tesla’s business model is about to take a far-reaching turn, with the main source of revenue shifting from car sales to higher value-added software and services.
Tesla continued its rally on Wednesday, reversing its hopes for a second straight day of gains, reaching a record high of $496 on September 1, its biggest in-day gain of more than 12 per cent and a gain of more than 10 per cent.