TSLA breaks its previous high of $389 (September 2017), and makes a new all time high of $395 on Wednesday. Tesla’s stock price has been on fire since June when it was trading at $177. A growth of 123 percent in less than 7 months, making it one of the hottest stock in the market.
After reports of Tesla considering lowering its price of Model 3 by 20% in China, the stock price jumped as much as 3.8% intraday, closing in on CEO Elon Musk’s goal of $420 per share.
TSLA is one of the most shorted stock of 2019 with traders short-selling 25.26 million shares as of Tuesday. In trading, short-selling allows investors to profit from stocks when the price goes down, so a 123% surge in price only means big loses for short-sellers.
Tesla has set delivery target of 360,000 to 400,000 vehicles by the end of this year. The automaker delivered a record 97,000 vehicles during the third quarter globally, but the expectations for fourth quarter are even higher. The company’s CEO, Elon Musk told his employees in an email that the company “has a shot” at hitting 100,000 deliveries milestone. To achieve the target 105,000+ vehicles needs to be delivered in Q4.