Tesla shares start trading post-split: Here's how the stock is doing
TSLA) shares began trading post its split-adjusted price this morning. The stock opened at $444.61, and was trading up more than 3% in early trading.
announced earlier in August when the share price was below $1,400. The stock has gone up since then, closing at $2,213.40 last Friday (that’s $442.68 on a split-adjusted basis).
TM) to become the largest auto company in the world. Its market cap now sits at around $412 billion.
^GSPC) and Nasdaq (^IXIC) have rallied 8.5% and 30.35% respectively based on Friday’s closing.
racing to re-rate the stock, with one analyst calling Tesla’s valuation “mind-boggling”.
recently raised at Jeffries to a street high of $2,500, in part because of the company’s upcoming Battery Day on September 22. Wall Street and competitors will be watching to see if a million-mile battery is unveiled that day.
told Yahoo Finance Tesla “is a tech company, not an automobile company.”
2nd quarter results announced in July beat expectations. The company posted a fourth consecutive quarter of GAAP profitability making the stock eligible to be considered for inclusion in to the S&P 500 (^GSPC).
AAPL) also split its shares 4-to-1. The move increases the size of the float, but does not change the valuation of the company. More shares at a lower price is as a way to make them more accessible to individual investors.
tweeted “Tesla stock price is too high imo," sending shares tumbling 9%.” data-reactid=”41″>In May, when the stock was around $780, Elon Musk tweeted “Tesla stock price is too high imo,” sending shares tumbling 9%.
NIO) has seen gains of about 380% year-to-date on the heels of deliveries which smashed expectations, and better than expected quarterly results.
XPEV), another Chinese electric vehicle maker went public last week, raising $1.5 billion. The stock popped more than 40% on its first day of trading.
@ines_ferre” data-reactid=”57″>Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre
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