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Tesla again shares shares, amplified by the excitement of “Battery Day”

(Reuters) – Shares of Tesla Inc were set for a fifth consecutive gain as expectations heat up for next week’s “Battery Day” event, regaining some of the recent drop in ratings after a sell-off and a surprise shutdown by S&P.

Shares of the company rose 4.4% to $ 437.89 at the start of trading on Tuesday, still $ 65 per share, shy of its highs in early September.

Dealers told Reuters that the latest gains await next week’s “Battery Day” for electric car maker, where CEO Elon Musk is expected to announce the latest improvements in Tesla’s battery technology.

“This again gives ammunition to the bulls,” said Keith Temperton, a salesman at Forte Securities.

“The side of the battery is crucial to what’s happening with Tesla. Otherwise, it’s literally another carmaker. If that turns out to be a game-changing game, the stock is up again,” Temperton added.

Wall Street analysts are not yet fully convinced of Tesla’s long-term prospects. The average rating of the company’s shares is “hold”, and the average PT is almost $ 140 lower than current trading levels, according to Refinitiv Eikon.

Shares of electric vehicle maker Nikola Corp, which is in a public battle with a short seller who accused the company of “fraud”, fell nearly 8%.

(Report by Munsif Vengattil and Sruthi Shankar in Bengaluru; Edited by Shounak Dasgupta)

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