Why Tesla Stock Had Another Good Week
Tesla (NASDAQ: TSLA) stock has been on a tear so far in 2023, and the shares were up another 9% this week at one point. But an end to a multiple-day streak of gains has tempered the rise for the week. As of midday Friday, Tesla shares were still holding a gain of about 2.5% above last Friday's close, according to data provided by S&P Global Market Intelligence.
The recent rise came as investors realized recent price cuts were more of a strategy to hold market share than a sign of desperation and demand destruction. Tesla began raising the price of its Model Y this week, signaling demand remains strong.
CEO Elon Musk also announced that the company's Investor Day will be held on March 1, where the company will reveal Tesla's Master Plan 3. Tesla followers are hoping to hear more from the company on the start of production of its Cybertruck, as well as any guidance on when another electric car model could be unveiled. But some analysts felt like the surge in the stock has played out for now, resulting in Tesla shares ending the week on a down note.
Source Fool.com
