2 Reasons to Buy Tesla Stock Hand Over Fist
Up by a whopping 82% year to date, Tesla (NASDAQ: TSLA) stock is rapidly bouncing back after its poor showing in 2022. While the electric automaker faces some challenges in a tightening industry, its profitability and valuation should position it for lasting success. Let's explore some reasons why Tesla's shares could be a no-brainer buy.
Despite its significant 2023 rally, Tesla's stock is still down 52% from its all-time high of roughly $410 reached in November 2021. Over the last 12 months, the pure-play electric automaker has faced several challenges.
In October Tesla's CEO Elon Musk completed a $44 billion buyout of social media company Twitter, a move that pushed him to sell billions of dollars of Tesla shares. There were rumours the transaction could distract him from his work at the company. On the operational side, many investors were worried that a possible EV recession could crush Tesla's sales and margins.
Source Fool.com
