However, after Fed Chair Christopher Waller said that markets were probably ahead of themselves when they estimated a 100 basis point rate hike in July, indices began to recover. Waller also noted that a 75 basis point hike would make markets neutral.
Tesla stock is rising despite market volatility. The stock is currently trading at $723.50.
By TradingView
However, in terms of stock performance, as well as autonomous driving, Tesla is a volatile company.At the same time this year has managed to keep the underlying support at $620, despite falling markets. Then came Tesla CEO Elon Musk’s attempt to buy Twitter (TWTR) for $44bn, leaving investors wondering how this would affect Tesla, as there was a possibility that Tesla stock would be used as collateral for the Twitter deal.
On July 9 Elon Musk withdrew from this venture, because the representatives of the social network have violated the terms of the agreement.
And on Tuesday 13 July Twitter sued Ilon Musk, due to this event the Twitter stocks went up, hoping that the deal will be concluded after all.
Recently Tesla announced that AI Day will be postponed to September 30, probably due to technical defects and the fact that the head of Tesla on AI resigned.
All of these events are creating volatility for the company’s stock, however Tesla continues to be one of the companies with the highest valuations. The company continues to ramp up production as it continues to innovate. Of course there will be challenges, but the company is overcoming them with more success than standard-model cars and young electric-car makers. Many Wall Street experts believe Tesla will have about a 15 % share of the global electric-car market after older companies enter the market. This is an unprecedented number, since at the moment the leader of the global car market is Toyota, and its share is 10%.
The analysts’ target price was $891.23, suggesting a growth of 23.75%.
By Investing.com
Expert Recommendation: Active Buy on the basis of 12 purchases.
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