Tesla Stock On Track To Extend 6-Session Winning Streak, Up 3.5% Premarket: What's Driving The Acceleration

Tesla stock rose in premarket trading on Wednesday, signaling the possibility of it adding to its six-session winning streak.

On Tuesday, the stock tacked on 10.20% by the close and settled at $231.26, marking the highest level since Jan. 10. The upside came after the electric vehicle maker reported second-quarter deliveries that exceeded the lowered consensus forecasts. While a section of analysts expressed apprehension regarding the second straight quarterly sales drop, bulls on the Street said sales could have bottomed, positioning the company on track for a second-half rebound.

The reduction in inventories and strong stationary energy storage business also generated a positive reaction from analysts.

The unanimous view is that the ultra-easy financing option provided by the company to facilitate sales was primarily responsible for the upside relative to the estimate.

See Also: How To Buy Tesla Stock

Following the quarterly deliveries update, Wedbush analyst Daniel Ives upped his price target from $275 to $300, with a new bull-case price target of $400 for 2025. CANACCORD Genuity’s George Gianarikas also lifted his price target for Tesla from $222 to $254.

If the uptrend is sustained in the truncated session on Wednesday, the stock remains on track to backfill a gap from mid-October 2023 and push toward $242.

In premarket trading, the stock climbed 3.5% to $239.42, according to Benzinga Pro data.

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