Tesla's stock is recovering from the virus led sell-off
Last updated: 29 Apr, 2020 | 09:40 am
Tesla’s stock has more than doubled since the coronavirus led sell off in Feb-March...
- The company’s stock was on a sky-high climb prior to the virus disruption when it hit a record high on 19th Feb and closed at $917.42.
- This climb was on the back of Tesla’s new Model Y being underway and Cybertruck further down the road with Model 3 in mass production.
- But the virus led sell-off brought the stock down to as low as $361.22 on 18th March.
- On April 2, the company reported it delivered 88,400 vehicles in Q1 beating the wall street estimates of about 80,000.
- Market reacted positively to this news, pushing the stock up 6% as the company beat the sale estimates despite the coronavirus disruption.
- Tesla stock has been climbing steadily since then and has pulled above its 50-day moving average of $640.4.
- Investors have recovered major portion of their loss driven by coronavirus sell-off as the stock is trading at $700 levels and closed at $798.75 on 27th April.