NEW YORK — Tesla (NASDAQ: TSLA) enters the Labor Day holiday frozen at its Friday close of $354.08. US equity markets are shut Monday for the holiday, so there is no fresh tape today; $TSLA's last print came in Friday's session, when the stock slid about 5.9% as Wall Street digested Tesla's latest Cybercab update. With the market dark, the number holding on screens is Friday's, and the real action resumes Tuesday.
Why the Stock Sits Where It Does
Friday's pullback was less about the business and more about expectations. Tesla just opened public Cybercab rides in Austin and its robotaxi fleet has now cleared more than a million unsupervised miles, but some traders had priced in even more, and the stock gave back ground after the event. That is a familiar pattern for a company whose valuation runs on the future: the news was genuinely strong, yet the bar sitting in front of it was higher still. We walked through that dynamic in Saturday's look at the 6% Friday drop and what comes next.
Underneath the noise, the fundamentals are moving the right way. Second-quarter revenue jumped about 25% to roughly $28 billion on record deliveries of 480,126 vehicles, active Full Self-Driving subscriptions climbed 56% to 1.48 million, and Tesla is sitting on more than $43 billion in cash to fund its AI and autonomy buildout.
The Market Data
Heading into the holiday, $TSLA trades at $354.08 after a 5.92% Friday decline, with a trailing P/E near 322. Over the past year the stock is up about 4.6%, though it remains down roughly 21% year to date. The average analyst price target sits near $390, implying close to 10% upside, and coverage skews cautiously constructive at 22 Buy, 19 Hold and 5 Sell. The bulls are louder still: Wedbush carries a $600 target, while ARK's Cathie Wood sees $2,000 by 2027 on the robotaxi story. For comparison, the S&P 500 (via $SPY) closed Friday at $770.19. Readers can track live quotes on Yahoo Finance, Google Finance, WSJ and Nasdaq.
