Tesla shares jump more than 12% amid tech rebound, Goldman comments

by 24USATVSept. 14, 2020, 9 p.m. 20
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Tesla shares jumped 12.58% on Monday amid a broad-based rebound in the technology sector, and as Goldman Sachs said that demand is picking up in China. "Tesla global weekly app downloads have recently been tracking up on a year-over-year basis, with the most recent full week of global data up about 20% yoy," the firm said in a note to clients Monday, while noting that the company typically has "much stronger deliveries in the last month of each quarter."

Still, the firm has a neutral rating on shares of the Elon Musk-led company, and a 12-month price target of $295. Monday's move continues a period of volatility for the stock, which has seen it swing between sharp gains and losses. Last Tuesday shares dropped 21% for their worst day on record after S&P Dow Jones Indices decided against adding the stock to the S&P 500. The very next day, the stock jumped nearly 11%.

Monday's move also came on the heels of strength in the broad technology sector. The Nasdaq Composite advanced 1.87%, after posting its worst week since March. Apple gained more than 3%. Tesla shares are up roughly 400% this year, but they're also about 16.5% below their record high from Sept. 1. In addition to exclusion from the S&P 500, shares have come under pressure after the company announced it was raising $5 billion through a new stock offering, and after the company's largest outside shareholder trimmed its position. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

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