The stock of electric vehicle maker Tesla (TSLA) is headed for a 10-day winning streak having rallied to start the year’s second half.
As of today (July 9), Tesla’s share price has risen for nine consecutive days, gaining 39% and erasing its previous year-to-date loss.
The stock is now up more than 80% from its 52-week low reached in late April of this year.
It’s a sharp reversal for Tesla which had been among the worst performing stocks in the benchmark S&P 500 index during the first six months of 2024.
Tesla’s stock turned a corner after the company reported second-quarter delivery numbers that were not as bad as Wall Street had feared, though deliveries were down 5% from a year earlier.
Even with the current rally, Tesla’s stock is up only 2% on the year versus a 25% gain in the technology-laden Nasdaq Composite index and 18% increase in the S&P 500.
Tesla’s stock is still down 6% compared to where it was trading at 12 months ago.
Still, investors seem to be more optimistic about Tesla’s prospects following the Q2 delivery numbers and heading into the company’s planned Robotaxi event scheduled for August 8.
Tesla’s second-quarter financial results that are taking place on July 23 are shaping up to be a make-or-break moment for the stock.
When releasing the previous first-quarter results, Tesla executives warned that the company’s “volume growth rate may be notably lower than the growth rate achieved in 2023.”
Tech Insider
