Tesla (TSLA) stock fell 0.45% on Wednesday but still outperforms its market peers including Ford Motors (F) and General Motors (GM).
Tesla Inc (NASDAQ: TSLA) stock drops 0.45% on Wednesday, a day after it hits its impressive 52-week high of $1,923.90 a day before. The auto maker’s stock started the week with a great bullish run as it rallied about 8% on Monday following the revised price target of $1,900 from Wedbush’s Dan Ives.
The Monday’s bullish rally is being attributed to different fundamentals playing in favor of the company, but notably, Dan Ives raised his price target for Tesla (TSLA) stock to $1,900 from $1,800, citing continued signs of accelerating demand in China. Tesla (TSLA) has also gained increasing favor from investors as it continues to improve his car components including the battery capacity
While the Wednesday 0.45% retracement is adjudged to be temporary, Tesla’s market performance outpaces its core market competitors. As MarketWatch detailed, the stock demonstrated a mixed performance when compared to some of its competitors Wednesday, like Ford Motor Company (NYSE: F) which fell 0.29% to $6.87. General Motors Company (NYSE: GM) nosedived 2.08% to $29.22, and NIO Inc. ADR (NYSE: NIO) was not spared as it recorded a 1.68% bearish turn to $14.06.
Tesla (TSLA) trading volume of 12.1 million remained 1.9 million below its 50-day average volume of 14.0 million. Tesla (TSLA) whose share price with the 0.45% drop is currently pegged at $1,878.53 will be looking to surpass the 5-day winning streak it recorded before this bump showed on Wednesday
With Tesla (TSLA) Stock Down 0.45%, Elon Musk Breaks New Wealth Record
Almost all attentive observers on Wall Street will know that the success of Tesla (TSLA) is synonymous with that of Elon Musk. Despite the stock’s latest 0.45% drop on Wednesday, its recent bullish streaks have projected Elon Musk as the fourth richest man in the world. He came ranking fourth behind Facebook’s (NASDAQ: FB) Mark Zuckerberg ($99 billion), Microsoft’s (NASDAQ: MSFT) Bill Gates ($121 billion), and Amazon’s (NASDAQ: AMZN) Jeff Bezos ($188 billion).
With many expectations for increased growth of Tesla (TSLA) as well as the other businesses the vocal business veteran is known to have including SpaceX, Elon Musk may be on his way to overthrow the three billionaires ahead of him. Either way, we expect to see more upticks in Tesla (TSLA) in the coming weeks as the company finalizes its cutting edge products to exert its leadership in the electric auto world.