Tesla Stock Is Rising. Analyst Sees ‘Limited’ Focus on Fundamentals.
Tesla stock fell while the market rallied on Friday, which makes Monday’s gain a relief for investors watching the stock after its recent surge. “To me, [Tesla stock] was wildly overbought and long hedge funds needed a reason to take some profits,” says exchange-traded fund co-founder and Tesla shareholder Gary Black. Coming into Monday, Tesla stock had risen 69% this year and 67% since the Nov. 5 election.