Tesla, Inc. (TSLA) saw a significant rise in its stock price on December 17, 2024, closing at $479.86, up 3.64% from the previous close of $463.02. The stock opened at $476.12 and reached an intraday high of $483.99, driven by a notable upgrade from Mizuho Securities, which raised its rating to "outperform" and increased the price target to $515. This upgrade was based on expectations of a favorable regulatory environment under the Trump administration, which could benefit Tesla's autonomous vehicle technology. The potential repeal of consumer EV tax credits is also seen as advantageous for Tesla, given its competitive cost structure.
The trading volume was significantly higher than average, with 128,465,970 shares changing hands, reflecting heightened investor interest. The market's optimism is further fueled by projections that Tesla's full self-driving technology could receive regulatory approval by 2025, potentially generating $620 billion in revenue by 2030. Additionally, discussions on Reddit forums about potential stock splits and long-term investment strategies have kept retail investors engaged. Despite some bearish sentiment in options trading, the overall market sentiment remains bullish, with Tesla's stock achieving a second consecutive record high.