Tesla Motors (TSLA) has been a solid gainer in midday trading, up more than 8 points to $261 from Tuesday’s close of $253.12. The stock is breaking higher as it lifts on strong volume printing fresh 7-month highs over $260. The catalyst for the increase is attributed to positive comments from Baron Capital’s Ron Baron. Baron said in a CNBC interview he “loves Tesla” and sees a huge opportunity for the electric car maker and the stock. He also said he expects to make 10 – 20x his money in 20 years via his investment in TSLA. Baron’s initial purchase: 5/10/2012, 1.2 million shares at $33.11.
Tesla Motors share price has been on an uptrend from March 27, 2015. Despite its yoy 26 points price depreciation the name still has enough fundamentals that may further drive the stock upward. Some continuation above today’s high of $264.36 could set it in motion for higher prices. Currently, TSLA has found some support around the $200 level. Should it drop below that level, the next support looks like $250.33 and then $247.53.
Tesla is up 242 points, or 1,262%, since its June 29, 2010 IPO.