: Tesla stock in danger of first drop in 6 days, as it pulls back from 7-week high


Shares of Tesla Inc. TSLA, +4.85% fell 0.6% in premarket trading Tuesday, putting them in danger of their first decline in six sessions. The stock had run up 13.5% the past five days to close Monday at the highest price since April 4. The win streak would be the longest since the eight-day stretch that ended Feb. 9. Analyst Colin Rusch at Oppenheimer said with production “clearly accelerating” in recent months, he sees Tesla investing in innovations to enable scaling, increased simplicity and the derisking of its supply chain. “These efforts, notably around lithium refining, vehicle simplicity, materials optimization, and software learning cycles, continue to be well ahead of peers,” Rusch wrote in a note to clients. “However, we believe the key near-term question for TSLA shares remains automotive [gross margin] as the company continues to grow share of global [light-duty vehicles].” Rusch reiterated the perform rating he’s had on the stock since he downgraded it from outperform on Dec. 19, 2022. The stock has soared 53.3% year to date through Monday, while the Global X Autonomous & Electric Vehicles exchange-traded fund DRIV, +1.69% has rallied 19.7% and the S&P 500 SPX, +0.02% has gained 9.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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