Summary
- Tesla stock has dramatically increased since Donald Trump won the 2024 United States presidential election
- Tesla shorts have lost over $6 billion since the election
- As of Monday’s pre-market, Tesla shares are up 6.37% at $341.68 per share
- Hedge funds shorting Tesla took heavy blows following the announcement of Q3 earnings
- Wedbush analyst Dan Ives raised his price target for TSLA to $400 per share, with high expectations for the company under Trump’s presidency
Article
Tesla stock (NASDAQ:TSLA) has seen a significant surge in value since Donald Trump won the 2024 United States presidential elections, resulting in a painful loss of several billion dollars for Tesla shorts in just a few days. As of Monday’s pre-market, Tesla shorts have lost over $6 billion since the elections, with a Bloomberg report estimating that hedge funds shorting TSLA lost at least $5.2 billion between election day and the end of the week.
Tesla’s momentum has continued into the current week, with shares up 6.37% at $341.68 per share as of Monday’s pre-market. The company’s market cap has also surpassed the $1 trillion mark once again. Prior to the elections, Tesla’s shares had already been gaining momentum, with a Fortune report noting that nearly 20% of hedge funds had bets against Tesla in July. However, many of these funds suffered losses when Tesla announced Q3 earnings that exceeded expectations.
Analyst Dan Ives of Wedbush has raised his price target for TSLA from $300 per share to $400 per share, the highest among major brokers tracked by FactSet. Ives also gave Tesla a “Buy” rating, citing optimism for the company’s autonomous driving and artificial intelligence initiatives under a Trump administration. He anticipates that these key initiatives will be fast-tracked with fewer regulatory hurdles under the new Trump era.
If you have any news tips related to Tesla, you can contact the company at simon@teslarati.com. Additionally, Teslarati offers aftermarket products for Tesla vehicles, such as the Cybertruck Off-Road LED Lightbar. Tesla shorts took a significant hit last week following the election of Donald Trump, with losses estimated at $5.2 billion. The surge in Tesla stock has been attributed to optimism surrounding Tesla’s initiatives and future prospects under a Trump administration, as well as strong earnings performance.
Tesla’s stock price continued to rise this week, reaching $341.68 per share as of Monday’s pre-market. Analyst Dan Ives of Wedbush increased his price target for Tesla from $300 to $400 per share, reflecting his bullish outlook on the company’s growth potential. The surge in Tesla’s stock price has led to significant losses for hedge funds that were betting against the company, with estimates suggesting losses of over $6 billion since the election. The optimism surrounding Tesla’s future prospects under a Trump administration has contributed to the strong performance of its shares.
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