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    TSLA   US88160R1014

TESLA, INC.

(TSLA)
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Real-time Estimate Cboe BZX  -  09:42 2022-11-30 am EST
185.29 USD   +2.47%
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Wall Street closes up on tech rebound; Tesla gains

03/22/2021 | 03:25pm EST
FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City

(Adds market details and prices after close)

* Tesla gains on Ark's $3,000 price target by 2025

* Kansas City Southern surges on $25 bln buyout deal

* MSCI Turkey ETF sinks after central bank ouster

* Indexes rise: Dow up 0.32%, S&P 500 0.70%, Nasdaq 1.23%

NEW YORK, March 22 (Reuters) - Wall Street rallied on Monday as technology stocks rebounded from a recent selloff sparked by surging bond yields and Tesla jumped after a fund run by an influential investor in the electric-car maker said its shares could approach $3,000 by 2025.

Tesla Inc's 2.31% gain to $670 was the fourth-largest boost to the S&P 500 after Ark Invest, founded by star stockpicker Cathie Wood, raised the company's price target on Friday using 34 inputs in a Monte Carlo model.

Tesla traded more than 6% higher during the session before trimming gains.

Growth stocks rose more than 1.43% while value shares slid 0.07% in a reversal of this year's big rotation in investment portfolios.

A sharp run-up in Treasury yields since mid-February has weighed on high-flying technology stocks that benefit from low yields as investors swarmed into underpriced value stocks from the mega-cap growth stocks that have fueled the past year's rally.

An easing off of 14-month highs in the 10-year U.S. Treasury note's yield after it hit 1.754% last week has allowed tech shares to bounce back, said Tom Hayes, chairman of hedge fund Great Hill Capital LLC in New York.

"It's going to look like tech and growth is back but I think it will be much more moderate than people think," Hayes said. "There's a plethora of growth, growth across many sectors, and we've seen managers bidding those (shares) up in cyclicals and value. I think that persists over the next 18 months," he said.

The tech-heavy Nasdaq outpaced the S&P 500 and the Dow, both of which posted all-time highs last week on bets that stimulus and vaccine rollouts will likely lead to the strongest U.S. economic growth since 1983.

"The technology stocks are pretty beaten down and it's not shocking to see those rebounding a little bit from their lows," said Jake Wujastyk, chief market analyst and founding member of TrendSpider.

Kansas City Southern surged 11.1% after Canadian Pacific Railway Ltd agreed to acquire the railroad operator in a $25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada.

The Dow Jones Industrial Average closed up 103.23 points, or 0.32%, at 32,731.2. The S&P 500 gained 27.49 points, or 0.70%, to 3,940.59 and the Nasdaq Composite added 162.31 points, or 1.23%, to 13,377.54.

Volume on U.S. exchanges was 10.91 billion shares, compared with the 14.3 billion average over the last 20 trading days.

Bank stocks, which have enjoyed a rally on brightening economic prospects, dropped 2.27%.

The S&P 500 tech index jumped 1.93%, while energy and financials closed down 1.01% and 1.30%, respectively.

The iShares MSCI Turkey ETF sank 18.96% after President Tayyip Erdogan's decision to oust a hawkish central bank governor sparked fears of a reversal of recent rate hikes.

Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.25-to-1 ratio favored decliners.

The S&P 500 posted 12 new 52-week highs and no new lows; the Nasdaq Composite recorded 99 new highs and 30 new lows.

(Reporting by Herbert Lash in New York, additional reporting by Noel Randewich in San Francisco, and Medha Singh and Devik Jain in Bengaluru Editing by Saumyadeb Chakrabarty and Matthew Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ARK INNOVATION ETF ACC - USD -0.54% 34.8 Delayed Quote.-63.21%
CANADIAN PACIFIC RAILWAY LIMITED 0.28% 108.92 Delayed Quote.19.72%
DOW JONES INDUSTRIAL -0.22% 33824.39 Real-time Quote.-5.48%
FLYING TECHNOLOGY CO., LTD. 1.15% 7.01 End-of-day quote.-23.22%
NASDAQ 100 0.22% 11540.98 Real-time Quote.-29.51%
NASDAQ COMPOSITE 0.30% 11027.39 Real-time Quote.-29.79%
S&P 500 -0.02% 3960.91 Real-time Quote.-15.53%
TESLA, INC. -1.14% 180.83 Delayed Quote.-48.67%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.01% 18.62725 Delayed Quote.39.86%
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Analyst Recommendations on TESLA, INC.
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Financials (USD)
Sales 2022 83 514 M - -
Net income 2022 12 798 M - -
Net cash 2022 18 899 M - -
P/E ratio 2022 49,2x
Yield 2022 -
Capitalization 571 B 571 B -
EV / Sales 2022 6,61x
EV / Sales 2023 4,60x
Nbr of Employees 99 290
Free-Float 83,7%
Chart TESLA, INC.
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Tesla, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 35
Last Close Price 180,83 $
Average target price 281,12 $
Spread / Average Target 55,5%
EPS Revisions
Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin & Chief Financial Officer
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
James Rupert Murdoch Independent Director
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