It wouldn’t be an exaggeration to say that investor enthusiasm towards Tesla (TSLA) stocks has never been stronger. The stock is currently up by 1.6% in pre-market trading on Tuesday and could be on its way to achieving gains for the thirteenth consecutive day, marking the longest winning streak for Tesla ever.
Elon Musk’s electric car manufacturing company has become one of the most loved and hated companies in the market simultaneously. Recently, it managed to break another record as the stocks closed in the green on Monday, June 12th, with a 2.22% increase, bringing the share price to $249.83.
Tesla’s stock continues its upward trend despite Cathie Wood selling $98 million worth of shares in the electric car company ahead of the expected “dip” following inflation data and the Federal Reserve’s decision tomorrow, Wednesday.
The world’s largest electric car manufacturer has witnessed several positive developments and comments recently:
• Charging partnerships allowing rivals General Motors (NYSE: GM) and Ford to utilize Tesla’s charging network.
• A “gesture” from the White House that qualifies Tesla Model 3 buyers for a $7,500 federal grant.
• Strong car sales statistics in China, one of the company’s key markets.
• Positive signals and target price increases from analysts such as Wedbush and Morgan Stanley (NYSE: MS).
It’s not uncommon for one group’s misfortune to benefit another group. S3 Partners, a company that tracks short sales, reported on Friday that betting against Tesla’s stock decreased by approximately $6.1 billion due to the stock’s green streak, which has now extended for eleven consecutive days.
Tesla’s gains since the beginning of the year have surpassed nearly 130%.