- The stock price of Tesla Inc (NASDAQ: TSLA) increased 3.27% today. This is why it happened.
The stock price of Tesla Inc (NASDAQ: TSLA) increased 3.27% today, going from a previous close of $687.20 to $709.67. There is no company-specific news that drove up the stock price.
There could be a couple of catalysts driving up the stock price. This includes bullish research reports and a sympathy play associated with other EV companies.
KGI Securities analyst Jennifer Liang initiated coverage of Tesla with an “Outperform” rating and assigned the company an $855 price target. Plus Mizuho Securities analyst Vijay Rakesh increased the price target on Tesla to $825.
The big three China-based electric vehicle companies saw their stock prices increase due to strong growth in their delivery numbers for July. Today the stock prices of Nio, Xpeng, and Li Auto increased 2.62%, 7.06%, and 0.87%, respectively. Li Auto had outsold Nio for the first time in July.
Nio’s sales increased 125% year-over-year to 7,931 vehicles for July. Xpeng’s sales in July increased 288% year-over-year to 8,040. And Li Auto’s sales for July jumped 251% year-over-year to 8,589.
Last month, Tesla launched a cheaper version of the Model Y in China with less of a driving range — which may have been why NIO saw fewer unit sales compared to the others. And Tesla also reduced the price of the Model 3 last week.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
