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Tesla Inc.’s stock is currently trading at $1361.00-lower by 0.77% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.74%. The stock has erased all of its earlier gains and turned negative after the opening bell.
The electric vehicle and clean energy company now boasts a market capitalization of a little more than $224 billion whereas Toyota has a market capitalisation of around $205 billion making Tesla, the highest-valued automaker. Over the last month the stock is up more than 37%, compared with a 1.6% rise in the S&P.
With shares up nearly 200% YTD, Tesla gets a failing quant grade on just about every valuation metric relative to the Consumer Discretionary sector.
On momentum, Tesla shines with an overall rating of A+. That momentum in Tesla is visible today as shares are up more than 10% following a price target boost from J.P. Morgan. But the raise in the price target to $295 from $275, based on the improved second-quarter deliveries of 90,650, came with a caution as J.P. Morgan kept its Underweight rating on the stock.
On the technical front, the RSI is currently at 83.84% and suggests that the market can move in an upward direction. The current price is above all the moving averages. The %K has crossed the %D from above to the downside at around 93% and suggests that the market can move in the downward direction.
Overall Bias is positive and short-term trades can be initiated with tight Stop Loss and Profit targets.