Tesla rally tops 100% from low, supercharged by new optimism
The shares closed up 3% at $207.32 in New York, capping a 104% gain from their Jan. 6 intraday trough. The shares are bouncing off a 65% plunge in 2022.
“Tesla is rising so fast because of a market that believes the Fed is coming to the rescue,” said Eric Schiffer, chief executive officer of Los Angeles-based private equity firm Patriarch Organization. Good fourth-quarter results and “price cuts to turbocharge demand” also helped, he said. Still, Tesla’s gains of 68% this year far outpace those of the Nasdaq 100 Index, which is up 13%, as well as that of the NYSE FANG+ Index, which has advanced 28% in 2023. A frenzy of speculativerecent weeks that has seen retail traders rush into some of their favorite stocks can explain some of that exuberance, given Tesla’s popularity among individual shareholders.
Given that Tesla’s sharp decline over the past year brought significant pain to mom-and-pop traders, the recent “hunger” for the stock could be due to a desire to chase it higher and make up for losses, Iachini said. Just this week, Tesla alone attracted a 33% share of overall net purchases across all US securities, according to Vanda.
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