Tesla Inc. TSLA CEO Elon Musk mocked short sellers of the stock on Sunday after it breached $400 on Robinhood’s overnight trading service.
What Happened: “TSLA shorts reciting Litany Against Fear rn,” Musk said in a post on social media platform X. “Litany against fear” refers to the recital that features in the 1965 science fiction novel Dune by Frank Herbert that starts with “Fear is the mind-killer.”
Tesla stock closed up 5.34% at $389.22 on Friday and rose another 1.4% after hours. The stock is currently trading at over $400 in overnight trading on Robinhood possibly owing to price target hikes by multiple analysts over the past week and optimism about the company achieving vehicle autonomy with future versions of its full self-driving driver assistance software.
Tesla recently released version 13.2 of the technology, deemed by BofA Securities Senior Automotive Analyst John Murphy to be “incredibly impressive.”
"It was incredibly good through some very challenging scenarios. That was incredibly impressive," Murphy said about his ride in a Model Y equipped with version 13.2 of the software.
Why It Matters: Roth MKM analyst Craig Irwin, who was bearish on Tesla for a long time, raised the EV company's price target by 347% from $85 to $380 and upgraded the rating to a “buy” from “neutral” last Monday.
“I don’t see very many negative catalysts… There are abundant positive catalysts… Bias is now to the upside, not the downside. The market cap may be huge… but they are doing big things," Irwin then said.
Overall, analysts have a consensus rating of "Buy" on the Tesla stock, with the highest price target being $411. The most recent analyst ratings by Guggenheim, B of A Securities, and Roth MKM have an average price target of $318.33, implying a 13.8% downside.
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