Why Tesla Stock Moved Up Again Early Today
The stock of Tesla (NASDAQ: TSLA) has been on a weeklong recovery run after it dropped as Elon Musk sold more than $15 billion in shares since early November. The stock has gained more than 20% in the last five days, and that trend continued at the open today, with a rise of 2.3%. The stock then reversed course, dipping as much as 0.8% as of 10:57 a.m. ET, but the initial jump is what's notable.
Musk sold shares partly to prepare to pay taxes for options he needed to exercise because they are expiring next year. Musk addressed his transactions publicly, and Tesla stock drifted down as he continued to sell. But investors seem to be happy that he has effectively completed those sales. Now, widely followed Wall Street analyst Dan Ives thinks Tesla will double its production capacity in 2022, leading to further gains in the stock.
Image source: Tesla.
Source Fool.com
