Tesla looks to extend win streak to 9th day

Shares of Tesla (TSLA) are trading higher as the stock looks to extend its winning streak to its ninth day. Tesla has begun to recover from its 52-week low back in April of 2024, beating expectations for its second quarter deliveries.

Yahoo Finance Reporter Ines Ferré joins Market Domination discuss this latest development for Tesla and what it means for the stock moving forward.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Nicholas Jacobino

Video Transcript

Tesla shares fighting for gains trying to extend its win streak to nine straight sessions stock now at break even for the year and Es Fray is here with a look at what is driving the stock higher and Ez hey Josh, yeah, it's a nail biter because Tesla right now is up about 6/10 of a percent.

It opened lower than went up about 2% earlier today.

So let's see what happens.

But look over the last eight sections, Tesla shares are up 37% over the last month, about 40%.

Remember this stock hit a 52 week low on April 22nd when it hit around $138 per share right now.

It's at 253.

So it has been a huge run over the last month.

Of course, the production and delivery beat uh the stock popped last week because of that.

But also you saw the stock going higher even before that.

Um there's some positive Wall Street calls or analysis after those production and delivery beats even though delivery was down year over year, it still beat what the analysts had been expecting.

Dan Ives.

Over at Wedbush has a $300 price target on the stock.

Adam Jonas and Morgan Stanley called out that this is more than a car company in his note and he pointed out what some other analysts have also been pointing to, which was the show stealer, what was uh Jonas called it?

And that is its energy segment, which is the fastest growing segment for Tesla energy storage.

This includes products like mega packs.

These are these massive rechargeable batteries that are used for commercial and industrial use.

And what's interesting about this segment?

Yes, it is a much smaller slice of the pie when you look at the Tesla's overall business, but it is the fastest growing and its profit margin is also so large.

It's at a record of just above 24%.

You compare that to Tesla's automotive, which is around 18%.

So you can see why analysts are excited about this segment even though it is a smaller piece of the pie, but just taking a look at where we're at with the stock.

It's break even for the year.

It's come off those April lows, a massive run from the stock over the last month.

Ines.

Thanks a lot.

So we'll see the photo finish and where it turns out today where it ends up.

Thank you.