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Recent Surge in Tesla (TSLA) Stock

It has been an unexpectedly challenging week for those betting against Elon Musk and Tesla (TSLA). Over the past five days, Tesla short sellers have incurred losses exceeding $5 billion, following a nearly 40% surge in the stock price after the company’s quarterly results were released on April 23.

On Monday alone, Tesla stock soared by about 15%, fueled by reports that the electric-vehicle manufacturer had received approval to implement Full-Self Driving autonomous software in China. This latest spike comes on the heels of Musk’s announcements of a new cost-effective vehicle and bold claims about Tesla’s potential dominance in the autonomous ride-sharing sector.

Prior to this recent upswing, Tesla’s stock had experienced a sharp decline of over 40% since the beginning of the year, attributed to disappointing fourth-quarter results and lower-than-anticipated first-quarter vehicle deliveries.

The surge in Tesla’s stock price has significantly impacted short sellers, resulting in almost a $3 billion loss in a single trading day on Monday. However, it is important to note that the recent rally in Tesla shares is not solely due to a short squeeze, as new short positions have been initiated during this rally.

Despite the ongoing debate among analysts regarding Tesla’s future prospects, the stock is currently rated as Buy by 23 analysts, while 24 recommend a Hold and 14 suggest a Sell. Dan Ives of Wedbush Securities, a long-time supporter of Tesla, has reiterated his bullish stance on the company, maintaining an Outperform rating and a $275 price target.

The positive momentum for Tesla is further bolstered by Musk’s achievement of gaining Full-Self Driving approval in China, a development that Ives considers to be a pivotal moment for Tesla. However, not all analysts share this optimism, as JPMorgan’s Ryan Brinkman remains cautious about Tesla’s ability to sustain its high valuation in the long run.

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