Tesla stock soared above 300 on Friday, reclaiming a $1 trillion market capitalization. The EV giant has been on a tear since President-elect Donald Trump defeated Vice President Kamala Harris for the White House earlier this week.
Wedbush Securities analyst Dan Ives, a longtime Tesla bull, wrote Wednesday that a Trump presidency could be an "overall negative for the EV industry," with the potential for EV rebates and tax incentives to be repealed. However, Ives added that for Tesla "we see this as a huge positive."
"Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players," Ives wrote.
Tesla CEO Elon Musk was a huge supporter of Trump's presidential campaign.
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Tesla Stock Performance
TSLA stock surged 8.2% to 321.22 during market trade on Friday, reclaiming a $1 trillion market cap for the first time since September 2022.
Shares soared 29% this week, the best weekly performance since the week ended Jan. 27, 2023, when TSLA spiked 33.3%.
On Wednesday, Tesla stock gapped up above an alternate handle buy point of 273.54 but was quickly extended.
Bank of America analysts on Thursday raised the firm's price target on Tesla to 350 from 265 and maintained a buy rating on the shares. The firm wrote Tesla may benefit from a shift to a federal regulation of autonomous vehicles and full self-driving, or FSD, nationwide.
Tesla China sold 68,280 vehicles in October, including exports, a six-month low, according to China Passenger Car Association data released Monday. Local China sales were sluggish in October, just 40,485. Exports did jump in the month, but have been trending lower.
Cathie Wood Cuts Tesla Stake
Meanwhile, Cathie Wood and her Ark Investment Management firm have sold Tesla stock repeatedly since Oct. 28 when Ark Invest unloaded more than 120,000 shares, according to the company's daily trade disclosure. Over this stretch, Wood has sold more than 330,000 shares, including selling 85,019 TSLA shares on Thursday.
As of Nov. 8, Tesla stock is the top holding in the ARK Innovation ETF with a 14.21% weight. Tesla ranks second in ARK Next Generation Internet with a weight of 9.66%. The EV company is also the top stock in ARK Autonomous Tech with weight of 14.87%.
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Tesla stock ranks second in the 35-member IBD Auto Manufacturers industry group. The stock has an 85 Composite Rating out of a best-possible 99. Shares also have a 93 Relative Strength Rating and a 77 EPS Rating.
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