- Oops!Something went wrong.Please try again later.
Tesla Inc. (NASDAQ: TSLA) shares added 17% in the regular session and the after-hours session on Monday to trade significantly above the $600 mark.
Automaker Outperforms Wider Market
The sharp surge came as the wider market saw a slump. The S&P 500 Index closed 1% lower at 2761.6, Dow Jones closed 1.4% lower at 23390.77, and Nasdaq 100, of which Tesla is a part, closed 0.5% higher at 8192.42.
At a time when a majority of automakers are struggling, Tesla has been beating analyst expectations. The Ford Motor Company (NYSE: F) closed 3.91% lower on Monday as it warned of the first-quarter losses due to the novel coronavirus (COVID-19) pandemic. General Motors Company (NYSE: GM) closed 4.36% lower the same day.
Analysts Maintain Price Target
Analysts at Oppenheimer, over the long weekend, dubbed Tesla stock a bullish "Triple Play," as reported by MarketWatch.
Fundamental analyst Colin Rusch maintained his "overperform" rating on the automaker, with a price target of $684, about 5% more than Monday's closing price.
Technical analyst Ari Wald said that as long as the stock holds above the $390 support level, the stock is "bullish."
Shanghai Gigafactory Suggests Progress
Even as Tesla's production in the United States is hampered due to the pandemic, the company has resumed work at its China factory.
According to a Reuters report Friday, Tesla started sales of another two Model 3 sedan made at the Shanghai site in China. Drone footage shared by Electrek showed that the gigafactory has been expanding at a rapid pace.
Robotaxi ‘Functionality' Could Be Ready In 2020
Tesla CEO Elon Musk tweeted late Saturday that the "functionality" of its "Robotaxi" line could be ready by the end of this year, although regulatory approval is the "big unknown."
Tesla is expected to report its first-quarter earnings results around April 29, according to FactSet. The company previously reported better-than-expected delivery numbers for the quarter last week, despite the pandemic impact.
Loup Ventures Managing Partner Gene Munster said earlier that Tesla is likely to miss the annual deliveries target of 500,000, but its numbers compared to other automakers will be a better judge of its performance.
Tesla's shares closed 13.6% higher at $650.95 on Monday. The shares added another 3.5% in the after-hours session at $673.48.
See more from Benzinga
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.