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Tesla shares almost wipe out 2024 loss

Russell Shor Written by Russell Shor
  • TSLA.us
    (${instrument.percentChange}%)

Tesla's recent delivery announcement caused a significant surge in its shares, recovering nearly all 2024 losses. The company delivered about 444,000 cars in the second quarter, beating forecasts and lower estimates, which led to a 10% jump in stock price. By Wednesday, shares reached $248.35, just below the end-of-2023 level, marking a rebound from $140 in April. This rally added almost $30 billion to CEO Elon Musk's wealth.

Positive Wall Street commentary helped, with Wedbush's Dan Ives and CFRA's Garrett Nelson raising their price targets, citing stabilized EV demand and strong delivery numbers. However, Guggenheim's Ronald Jewsikow and Wells Fargo's Colin Langan remained cautious, attributing gains to energy-storage deployments and maintaining Sell ratings. Over 40 analysts cover Tesla, with mixed views on its future. Key upcoming events, including earnings and the August 8 robotaxi event, could further impact the stock.

Technically, the weekly chart is positive. The 5-week EMA is above the 10-week EMA in bullish formation and indicators suggest a strong underlying momentum. As long as the technical indicators remain robust, the likelihood for further gains remains probable.

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Russell Shor

Senior Market Strategist

Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.

Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.

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