Another day, a new record for Tesla (NASDAQ: TSLA) Stock. The automaker’s shares climbed 16.2% on Monday. At 11:50 a.m. EDT, the title was up about 12%. This has increased stocks by more than 600% in the past 12 months and more than 300% since the start of the year.
The stocks of the growth stock are likely to be rising for several reasons, notably building on momentum from last week, speculation that the stock will soon be included in the S&P 500 index and analyst comments on the company’s next Battery Day event.
Last week, Tesla stocks jumped on the news that the stock could soon be included in the S&P 500. This could fuel further gains on Monday as some investors bet that including the stock in the index will lead to increased demand for the stock.
Now the stocks could get an extra boost from an analyst note saying the company’s Battery Day event on September 22 could be “a major positive catalyst” for Tesla stock. The note comes from Daniel Ives, analyst at Wedbush, who also believes that the automaker could report a fourth quarterly profit in a row. Tesla has repeatedly delayed its battery event, where the company is expected to reveal news about recent developments in its batteries. But with the date of Tesla’s battery event now officially announced in a press release, and given that the event will take place at the same time as its annual meeting of shareholders on the same day, the event does not appear likely to be delayed again.
Tesla action’s wild run-up was ultimately surreal. The company is now one of the 10 largest companies in the United States in market value, with a market capitalization of $ 325 billion.
With such significant gains for Tesla’s shares in the rear view mirror, investors will be watching the company closely when it releases its second quarter results on July 22.