Renowned Wedbush analyst Daniel Ives set the highest price target of $600 per share for the Tesla (Nasdaq: TSLA) stock more than a week after Elon Musk purchased 2.5 million company shares worth $1 billion (£744 million), according to a filing with the US Securities and Exchange Commission, signifying a vote of confidence in the EV maker. The latest stock buy marks his first open market stock investment since 2020.
The stock price has gained over 7% since the news and is up by more than 68.1% in the past six months, despite phases of severe volatility in recent times due to declining sales, stiff competition, the end of EV tax breaks, and brand damage resulting from Musk's political involvement with DOGE. The stock price closed at $443.21 (£329.80) on Monday.
