Stock Market Today, Aug. 14: Tesla Gains on TD Cowen Buy Reiteration and $460 Target
Tesla (NASDAQ:TSLA), an electric vehicle (EV), autonomous driving software, and energy storage company, closed at $342.27, up 0.68%. Recent momentum and TD Cowen's “buy” reiteration helped shares, while investors are watching progress in robotics and autonomous driving.
Trading volume reached 45.1 million shares, coming in roughly 4.6% above its three-month average of 43.1 million shares. Tesla IPO'd in 2010 and has grown 21,426% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,786, down 0.17%, and the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 26,729, down 0.28%. Among EV and autonomous driving peers, Rivian Automotive (NASDAQ:RIVN) closed at $15.36, down 2.91%, and Lucid Group (NASDAQ:LCID) closed at $6.22, down 3.42%.
What this means for investors
In the midst of a two-week rally in which Tesla shares have bounced 10%, TD Cowen analyst Itay Michaeli reiterated his firm’s bullish stance on the company. Michaeli thinks investors should add Tesla shares, setting a $460 price target representing 34% upside from today’s closing price.
But it was what CEO Elon Musk said to the employees of another of his companies that might have investors jumping into Tesla stock, too. In a talk to all Space Exploration Technologies (NASDAQ:SPCX) employees earlier this week, Musk emphasized how quickly the company’s AI segment revenue is growing. He predicted AI revenue will surpass revenue from SpaceX’s traditional rocket and Starlink segments by next month.
Musk has repeatedly said that Tesla’s future growth will be driven by its autonomous driving and robotics segments. Those divisions are tied to SpaceXAI technology.
Advancements in SpaceXAI likely signal progress in Tesla’s automation projects as well.
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Howard Smith has positions in Lucid Group, Rivian Automotive, and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
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