Tesla Seen Outperforming Broader Market Going Into Tuesday's Session: 3 Factors That Could Prop Up The Stock

Tesla Inc. TSLA shares were trading higher in premarket trading on Tuesday, with a few catalysts potentially lending support.
What Happened: In premarket trading, Tesla gained 1.28%, to $185.60, according to Benzinga Pro data. The stock has been traded in a lackluster manner after its March 1 Investor Day. It is currently trading off the high of $217.65 notched up on Feb. 16. Nevertheless, the stock has gained about 49% year-to-date.

See Also: Everything You Should Know About Tesla Stock

On Tuesday, the stock could draw inspiration from a couple of positive headlines:

• Insurance Registrations Surge: Data reported by local media outlets showed that insurance registrations for Tesla vehicles totaled 18,712 units in the week ended March 19, up from 17,032 units in the previous week. This marked the second-highest-ever number since the peak seen in late September. The numbers bode well for Tesla, which is scheduled to report its first-quarter deliveries in early April.
• Moody's Upgrade: Moody’s upgraded Tesla’s long-term issuer rating to Baa3 while withdrawing Ba1 corporate family rating and Ba1-PD probability of default rating as well as the SGL-1 speculative grade liquidity rating. The positive opinion was premised on the agency’s confidence in the company’s fundamentals.
• The broader market sentiment could also be supportive of the stock as traders have begun pricing in a 25-basis-point fed funds rate hike or even a pause amid the banking crisis. Sentiment could stay positive ahead of Wednesday’s rate decision.

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