Tesla share surpasses $ 2,000 before stock split

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Tesla shares (NASDAQ: TSLA) jumped more than 6% to close above $ 2,000 on Thursday and rose 2% in pre-market trade on Friday, ahead of the deadline for Tesla stock holders to be eligible for more shares under a five-for-one division announced earlier this month.

Tesla stock continued to rise on Friday afternoon, rising nearly 4% as of 1 p.m. EDT.

“Each shareholder of record on August 21, 2020 will receive a dividend of four additional common shares for each share then owned, which will be distributed after the market closes on August 28, 2020,” Tesla said last week, sending the share. rally on the NASDAQ.

Even before the announced stock split, Tesla shares had rallied in the spring and summer to the point that Elon Musk mocked short sellers and trolled the SEC in early July.

Later in July, Tesla reported surprise second-quarter net income, beating analysts’ expectations and reporting its fourth consecutive quarter of net profits, despite plant closures due to the pandemic. Four profitable quarters in a row make Tesla now eligible to be considered for inclusion in the S&P 500 Index.

Sales and earnings numbers, inclusion in the S&P 500, stock splitting and the general surge in shares of electric vehicle manufacturers in recent months have pushed Tesla’s stock price to new highs this week. .

Tesla’s inclusion in the S&P 500 could start a new wave of buying Tesla shares from index-tracking fund managers and passive investors, according to Credit Suisse, as portrayed by The Street.

Since the start of the year, Tesla shares have climbed 378%, while Tesla shares are now 847% more expensive compared to the same period last year.

Tesla’s market capitalization of $ 373 billion at the close on Thursday exceeded Walmart’s $ 369.8 billion market capitalization.

Tesla’s short sellers also appear to have started to pull back. The number of short-circuited Tesla shares fell 2.07 million, or 16.3%, in the past 30 days, with $ 24.7 billion in mark-to-market losses in 2020 Ihor Dusaniwsky, chief data officer at financial analysis firm S3 Partners, tweeted Thursday.

By Charles Kennedy for Oil chauffage

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