Tesla stock jumped as high as $252 per share on Friday, marking its highest stock price so far in 2024 before dipping back below $250.
Investors have seized on news of the company’s better-than-expected second quarter deliveries. Tesla recorded deliveries of 443,956 between April and June — about 2% higher than Wall Street analysts anticipated. Tesla’s second-quarter sales outshined BYD’s deliveries of about 426,000 EVs during the same period and bested Tesla’s own nightmarish first-quarter performance.
Tesla’s stock price is up nearly 43% from 3 months ago. The company’s share price swung between a low of $242 and $252 on Friday, at several points fully reversing its losses so far this year.
“In a nutshell, the worst is in the rear-view mirror for Tesla as we believe the EV demand story is starting to return to the disruptive tech stalwart…with the bears now heading back into hibernation mode and their caves,” Wedbush analyst Dan Ives wrote in a research note Friday, setting his 12-month price target to $300 for the stock.
Tesla is set to discuss its second-quarter performance in a call with investors and analysts on July 23, hopefully providing insight into how it’s performing in different markets. One concern is Tesla’s declining popularity in Europe, where sales fell a staggering 36% in May. And EU tariffs on Chinese imports may further hurt Tesla’s performance in the region. One bright spot for Tesla: The company just got its expansion plans approved for its gigafactory in Germany, where it hopes to eventually produce 1 million EVs per year.