NEW YORK — Tesla stock was little changed at midday Monday, holding near $404 as Wall Street looked past a quiet news session toward a catalyst-heavy stretch that runs through the company's second-quarter earnings report next week. Shares of the automaker (NASDAQ: TSLA) sat a fraction below Friday's $407.76 close after opening at $410.49.
The calm tape is a reasonable place for the stock to rest after a strong run. $TSLA has climbed roughly 3% over the past 30 days, riding one of Tesla's best delivery quarters on record. For a day-by-day look at how the stock has traded through this stretch, our previous session recap tracked the same steady grind higher.
Where $TSLA Sits Today
As of midday trading in New York, $TSLA changed hands near $404, down about 0.1% on the session, with an intraday range of roughly $402.81 to $413.16. That leaves the shares just below the analyst consensus price target of about $424. Investors can follow live quotes on Yahoo Finance, Google Finance, the WSJ and Nasdaq.
Why the Stock Is Drifting
There was no single market-moving headline Monday, which helps explain the flat move. The most concrete catalyst came from Jefferies, which raised its Tesla price target to $400 from $375 while keeping a Hold rating, citing a second-quarter delivery beat of more than 15%. Tesla reported about 480,000 deliveries for the quarter against a Wall Street consensus in the 395,000-to-405,000 range, as Teslarati reported. Broadly supportive markets added a gentle tailwind, with the Nasdaq up about 0.6% on the day.
