Although still down 45% from December’s high, shares of Tesla Inc (NASDAQ: TSLA) have shown surprising strength in recent weeks. The stock closed at $268 on Tuesday night, and while it’s still a long way off its former peak, it hasn’t set a new low in nearly three weeks. That alone is a notable shift in character for what had been one of the market’s most consistently sold-off names over the past quarter.
Whether this marks the beginning of a broader recovery or just a pause in the downtrend remains to be seen, but one thing is clear - Tesla is at a pivotal moment. Earnings are due at the end of April, and before then, investors will get a key data point in the form of delivery numbers due later today (Wednesday). This update could either reinforce bearish narratives or ignite a fresh rally, depending on how it lands.
