Tesla stock is approaching earnings but the electric vehicle manufacturer appears to have lost some of the steam that made it one of the top gainers in 2023. Below, we’ll review some of the hype surrounding Tesla stock and determine whether it is a buy right now in January 2024.
Over the past month, TSLA has lost -13.25% of its value and that number jumps to -21.85% over the past six months. Despite its recent decline, TSLA is still up nearly 80% over the past year and remains one of the best growth stocks to buy in 2024.
Tesla stock showed relative strength on Tuesday when markets reopened following Martin Luther King Day, finishing up 0.47% on a red day for the NASDAQ and S&P 500.
Investment analyst Jake Wujastyk recently revealed a potential inverse head and shoulders pattern developing over the past six months, which could provide explosive gains for confident investors.
According to Wujastyk, TSLA stock bounced at almost the exact cent of the left shoulder that appeared in mid-September.
$TSLA #TSLA Bounced almost at the exact cent of the left shoulder low today.
I don’t think many people had Tesla closing green on their Bingo card today. pic.twitter.com/z78z7dhLfe
— Jake Wujastyk (@Jake__Wujastyk) January 17, 2024
Cathie Wood’s ARK Projects TSLA Stock at $2,000 Per Share In 2027
Last year, Cathie Wood’s ARK Investment Fund released a deep dive into Tesla stock price and revealed some interesting future price targets.
According to ARK, the expected value of Tesla stock will reach $500 in 2026 and a whopping $2,000 in 2027. If true, investors can still capitalize on 900% in gains over the next three years.
The Monte Carlo model estimated that the bear thesis would still leave Tesla stock with significant growth and an estimated price target of $1,400 per share in three years.
Ross Gerber Is “Trimming” Tesla Stock In 2024
Of course, not everyone is sold on Tesla’s growth prospects. Ross Gerber, President and CEO of Gerber Kawasaki, recently admitted on CNBC that he is “trimming” his investment in Tesla. Gerber said that Tesla’s “Full Self-Driving” mechanism “doesn’t work” and called it the “greatest risk” to the company’s share price.
“He seems to be blackmailing the Tesla shareholders, saying he won’t build stuff for us unless he gets another $30 billion, which ironically was exactly how much money he sold of $TSLA stock to buy the platform that he’s tweeting on,” says @GerberKawasaki on @elonmusk. pic.twitter.com/WgjgHVX0l3
— Last Call (@LastCallCNBC) January 17, 2024
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