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Tesla LONG

by SignalFactory   ·  September 1, 2020 | 10:14:32 UTC  

Tesla LONG

by SignalFactory   ·  September 1, 2020 | 10:14:32 UTC  

Shares of Tesla Inc. (TSLA), +12.56% rocketed 12.6% in Monday trading, helping the carmaker become the seventh-largest U.S. company in terms of market capitalization. Tesla finished Monday’s session with a valuation of $464.3 billion as it beat out Visa Inc. (V), -1.72% for the first time to take over the No. 7 slot, according to Dow Jones Market Data. Visa ended the day with a valuation of $451.1 billion. Monday’s rally continues a sharp ascent for Tesla’s stock and marks the first day of trading for the shares on a split-adjusted basis. Tesla announced earlier in August that it would be conducting a five-for-one split of its shares, and the split officially occurred after the close of trading Friday. Tesla shares have rallied nearly 200% over the past three months and they’re up about 500% on the year. The S&P 500 has risen 15% in a three-month span and 8% so far in 2020.

Shares of Tesla Inc. shot up into split-adjusted record territory Monday, and briefly topped the $500 mark intraday, as the lower price did not change the trajectory of the parabolic uptrend.

The stock TSLA, +12.56% charged 12.6% higher to $498.32 in active trading, surpassing the previous record closing price of $447.75 — $2,238.75 pre-split — on Aug. 27.

Earlier in the session, the stock was up as much as 13.0% at its intraday peak of $500.14, which topped the previous all-time intraday high of $463.70 — $2,318.50 pre-split — reached on Friday.

Trading volume swelled to 115.1 million shares, compared with the full-day average calculated by FactSet of 73.4 million shares.

After closing at $2,213.40 on Friday, Tesla’s 5-for-1 stock split went into effect on Monday’s open. The opening price post-split was $444.61, or 0.4% above Friday’s split-adjusted closing price of $442.68.

For Tesla shareholders, the only change is that the number of stocks owned multiplies by five, but the price of the shares owned is divided by five.

The next major catalyst for Tesla’s stock is the” Battery Day” scheduled for Sept. 22, followed by third-quarter deliveries data. Read more about recent bullish analyst calls referencing the battery day.

Meanwhile, there are signs suggesting some investors are starting to worry that the stock split highlights how the stock rally, which has sent it rocketing more than fivefold this year, may have gone a bit too far.

Tesla LONG (Buy)

ENTER AT: 514.70

T.P_1: 700

T.P_2: 1000

T.P_3: 1500

S.L: 459.64

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