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Added on the 08/12/2020 11:01:03 - Copyright : Wochit
Business Insider reports that Tesla's stock price skyrocketed 740% in 2020. The Wall Street is split on where the shares will move next. JPMorgan sees the electric vehicle company plummeting 87% to $90 a share in 2021. Meanwhile Goldman Sachs has a 12-month price target of $780 for Tesla. Wedbush rates the stock "neutral," with a 12-month price target of $715, and a bull case price of $1000. CFRA Research senior equity strategist has a "hold" rating on Tesla and a 12-month price target of $750. RBC Capital Markets has a $339 price target for Tesla, more than a 50% drop from current levels.
Tesla short-sellers saw $38 billion in mark-to-market losses throughout 2020, Bloomberg reported Thursday, citing S3 Partners data. Short interest in the company's shares plunged to less than 6% of Tesla's float from nearly 20% at the start of last year. The losses trounce the $2.9 billion total seen in 2019 and come on the back of Tesla's 740% surge over the past 12 months. Investors betting against Tesla lost billions last year, as the automaker's shares leaped above nearly all estimates.
Abbott via Facebook TSLA Tesla 594.15 0.65 (0.11 %) Disclaimer Get real-time TSLA charts here " Elon Musk has informed friends that he plans to move to Texas, CNBC reports. The news comes after Musk threatened in May to move Tesla out of California because of its response to the coronavirus. Texas famously has no state income tax, which could save Musk a lot of money on his massive pay package. Tesla's factory in Fremont was required to cease operations for a short period of time. —Elon Musk (@elonmusk) May 9, 2020 Even before the tweet, Musk had called California's rules fascist, urging the state on an earnings call to "give people back their goddamn freedom."
On Monday, Tesla's stock hit a record high. The increase comes amid a report from Reuters that Tesla gained approval from China to sell its Model Y SUV in the country. Tesla has built up its manufacturing capabilities in Shanghai to produce the Model Y SUV. The company already sells its Model 3 in the country. Business Insider reports the company sold 13,000 vehicles in the country last month.
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