Tesla Inc. CEO Elon Musk mocks short sellers of the stock on social media after it surpasses $400 on Robinhood’s overnight trading service.
Musk’s Jibe
Musk joked about short sellers reciting the “Litany Against Fear,” a phrase from Frank Herbert’s 1965 science fiction novel Dune. He posted: “TSLA shorts reciting Litany Against Fear rn .”
Why This Matters
- Multiple analysts have hiked Tesla’s price target recently, citing progress in vehicle autonomy with future versions of its full self-driving driver assistance software.
- Roth MKM analyst Craig Irwin, previously bearish on Tesla, upgraded the stock’s rating to “buy” and raised the price target to $380.
- Irwin now sees “abundant positive catalysts” for Tesla, with no significant negative catalysts.
Analyst Ratings
- Overall, analysts have a consensus rating of “Buy” on Tesla stock, with the highest price target being $411.
- Recent analyst ratings by Guggenheim, B of A Securities, and Roth MKM have an average price target of $318.33, implying a 13.8% potential upside.
Tesla Stock Performance
- Tesla stock closed up 5.34% at $389.22 on Friday and rose another 1.4% after hours.
- The stock is currently trading at over $400 in overnight trading on Robinhood, driven by optimism around the company’s self-driving technology.
The Road Ahead
- Elon Musk’s sarcastic comment on short sellers reflects his confidence in Tesla’s potential for growth.
- With analysts optimistic about the company’s prospects, Tesla’s stock is likely to remain a hot topic in the investment community.