Tesla Stock Braces for Longest Winning Streak in its History



Tesla shares are gearing up for the longest winning streak in their history. TSLA has already been growing for 11 trading sessions in a row, and if it grows on Monday, then, to the delight of investors, a record will be set.

TSLA picks up speed

Tesla shares continue to surprise investors. On Friday, they registered an increase of 11 days in a row, reaching the previous record. Since then, they have not stopped and risen another 1.7% (at the time of writing) on Monday. Thus, TSLA is on its way to registering a new record: growth for 12 trading sessions in a row. It will be the longest green streak in its history. It is worth noting that the record will be set if the stock manages to close green on Monday, that is, above the opening price.

Tesla shares have a foundation for growth

The record run began with a strong background. On May 25, Tesla and Ford announced a partnership. The Texas-based manufacturer will give Ford vehicles access to more than 12,000 of its Superchargers starting in 2024. In addition, competitor vehicles will be equipped with Tesla charging ports starting in 2025. After the « green » close on May 24, the news of Tesla and Ford collaborating significantly fueled investor optimism.

However, the positive news did not end there. Last week, the US government confirmed that all Model Y and Model 3 Teslas in the US are eligible for the full $7,500 tax credit. This means the company has ensured high demand for its cars in the country, amid fears of investors of its decline.

Also last week, General Motors followed Ford’s example and announced a deal with Tesla. The company’s vehicles will also have access to Tesla’s Supercharger network starting in 2024. Furthermore, the company will begin equipping its electric vehicles with Tesla charging ports starting in 2025.

Analysts increase their PTs

The positive news about Tesla did not go unnoticed by investment firms either. Following a quick reaction from retail investors, analysts also raised their price targets for the company’s shares. Wedbush and Morgan Stanley have adjusted their estimates to reflect the changing environment for Tesla and its growth outlook.

Short sellers continue to count losses

While investors who believe in Tesla are enjoying its success, short sellers are not so happy. S3 Partners, a company that tracks short selling, reported on Friday that they have made bad investment decisions. Short sellers lost nearly $6.10 billion due to the current 11-day green streak in the stock.

Shares of TSLA closed at $244.40 on Friday, up nearly 130% year-to-date.


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Eva Fox
Eva Fox est journaliste spécialisée dans l'automobile depuis 2019. Les principaux sujets qu'elle couvre sont les énergies propres et les véhicules électriques. En tant que journaliste, Eva est spécialisée dans Tesla et les sujets liés au travail et au développement de l'entreprise, ainsi que d'autres entreprises d'Elon Musk.

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