Tesla Inc (NASDAQ:TSLA) shares are trading higher Thursday — what's going on?
Jefferies analyst Philippe Houchois maintained Tesla with a Buy rating and lowered the price target from $1250 to $1050. Several analysts have lowered price targets on Tesla stock this month, highlighting similar concerns around lockdowns in China. Tesla's Giga Shanghai was shut down for three weeks in April following a surge in COVID-19 cases.
Related Link: What Does The Recent String Of Tesla Price Target Cuts Suggest?
However, several reports this week suggest that Shanghai facilities set to end lockdowns and reopen in June, which could be contributing to Tesla's sharp move higher.
Tesla CEO Elon Musk's ongoing talks to acquire Twitter Inc (NYSE:TWTR) have also weighed on the stock because of financing concerns. A Thursday morning SEC filing showed that Musk has upped his financing commitment to $33.5 billion, which could be easing Tesla shareholder concerns.
Cathie Wood's Ark Invest has also increased its exposure to Tesla over the last three days. On Wednesday, Ark bought an additional 1,343 shares of the EV company bringing her firm's total exposure up to around 1.3 million shares, valued around $925 million.
TSLA Price Action: Tesla has traded between $571.22 and $1,243.49 over a 52-week period.
The stock was up 7.96% at $711.27 at time of publication.
Photo: courtesy of Tesla.
