Shares of electric-vehicle maker Tesla, Inc. TSLA rose in premarket trading on Friday, signaling that they could extend their winning streak to an eighth straight session.
The premarket gains reflect the continuation of the momentum the stock has picked up since late-June. The stock broke out of a trading range around the time, in anticipation of the company’s second-quarter deliveries beating the lowered bar. With the number surprising to the upside, investors largely ignored the fact that sales fell for the second straight quarter.
Bullish analysts have stepped up their rhetoric that the company has turned the corner and is positioning for outperformance in the second-half of the year.
More clarity may emerge when the company reports its quarterly results on July 23rd and hosts its earnings call. Gary Black of Future Fund clarified that he is not yet ready to jump into the Tesla buyers’ bandwagon and will prefer to wait till the earnings report is out before taking a call.
Meanwhile, reports suggest CEO Elon Musk has ceased discussions with Indian government officials regarding plans to debut in the country, which is widely perceived to be a market offering immense potential.
In premarket, the stock rose 1.92% to $251.12, according to Benzinga Pro data. A move above $249 may help the stock turn to black for the year.
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