On Monday, data revealed that the technology sector is picking its pace after the COVID-19 crisis. It has also been revealed that Tesla shares have gone up by 12.58 percent. The news comes as Goldman Sachs announced that the Chinese market has seen an increase in demands.
The company distributed a memo to its clients where they noted that Tesla’s app downloads have increased. The latest global data for Tesla went up by 20 percent yoy. However, in comparison to other year’s end of the quarter period, the numbers are not that impressive.
Even though the numbers are not that impressive in comparison to other financial years, Tesla’s shares range in the neutral rating. Elon Musk’s target price for a 12 month period has been reported to be $295.
The report announced by Goldman Sachs on Monday comes amidst a volatile period for company stocks. Economists have observed the sharp rise and fall of stocks in recent times.
Tesla Shares Increases Along With The Recuperating Technology Sector
With a 21 percent drop in stocks last Tuesday, it was recorded to be the worst to date. This happened after S&P decided not to add stocks to the S&P 500. Surprisingly, the stock saw a rapid increase of 11 percent immediately the day after it recorded the worst stock fall.
This news has been seen as a piece of welcoming news in the technology sector as it begins to recuperate after the COVID-19 pandemic that paralyzed all sectors of the economy.
Along with Tesla shares, other companies have also noted such an increase. The Nasdaq Composite has declared the worst stock week in March. In opposition to a few months back, it reported a 1.87 percent growth. Similarly, a 3 percent increase was noted by the tech giant, Apple.
A 400 percent increase has been noted in Tesla shares in 2020. However, in comparison to the beginning of September, the overall record is around 16.5 percent less.
Elon Musk Tweets About Revealing Some Surprises On The Upcoming Tesla’s Battery Technology Day
S&P 500 has decided to exclude shares. Additionally, extra pressure has been put over shares since the company declared it intends to offer new stock so that it can raise around $500 billion. It does not look too good for the company since one of its biggest shareholders has just trimmed their position.
Amidst all this news, Tesla CEO Elon Musk posted a series of tweezers indicating that the company has several surprises up its sleeve for the Battery Technology Day. After the tweet was posted on Friday, it received over 166,000 likes. As such, there have been heavy speculations amidst investors as to what they should expect given that Tesla shares have grown ahead of the event.
