The stock of Tesla Inc. had its longest winning streak in over a year on Tuesday, ending at its highest level since October.
Dow Jones Market Data shows that the company’s stock TSLA, +3.71% went up 3.7% on Tuesday, making it 10 days in a row that it has gone up. This is the longest run of consecutive gains since June of last year, when it went up for 13 trading days in a row.
The stock is up 43.7% in the last 10 trading days. It has been 10 days since Tesla’s stock rose 48.1%, which was the best 10-day stretch since February 2, 2023.
Of all the stocks in the S&P 500 SPX that day, Tesla shares did the third best. They were also the second most actively traded during the session. Last time the stock closed above $262.33 was on October 11, 2023, when it hit $262.99.
Stock prices in Tesla have changed direction in a big way lately. The stock had been losing a lot of money year-to-date for most of the first half of the year, and it was still down when the first half ended. Even though Tesla shares are up 5.6% so far this year, that’s still the worst performance of the so-called Magnificent Seven group of tech stocks.
Tesla’s market value has grown by about $250 billion since the stock started its current run of gains. Based on data from Dow Jones Market Data, those gains are bigger than the market values of all automakers except Toyota Motor Corp. 7203, -0.46%.
At the beginning of July, the company that makes electric vehicles reported more deliveries than expected, which boosted the stock’s upward trend.
“Tesla is doing important things to keep the business healthy,” Oppenheimer analyst Colin Rusch wrote on Tuesday. “Vehicle sales are recovering [quarter over quarter] and the company is reducing inventory in the channel.”
Still, he kept a cautious view on the stock, saying, “Bulls will likely point to strong energy storage sales, which we see passing $3 billion in the quarter, and the potential for its Model 3 refresh and Model 2 to help the company return to vehicle growth.” On the other hand, he believes that bears will focus on margins and Tesla’s inability to make money off of its Full Self-Driving feature.
Rusch wrote that the value of the company’s FSD/AI platform is what will determine whether shares keep going up or start to level off again. He also reiterated his perform rating on the stock.
