Tesla stock rose on Monday after bouncing on Friday. A bottom may be forming in shares.
Tesla stock closed up 1.5%, at $417.32, while the S&P 500 rose 0.5% and the Dow Jones Industrial Average finished flat.
Tesla’s move comes after the stock rose 3.5% on Friday. That rally offered some relief. Coming into Friday trading, Tesla stock was down almost 8% for the week.
Tesla shares have languished since the company reported fourth-quarter earnings on Jan. 28, down about 5%. The stock, however, seems to have found a bottom just above $390, where the stock found support back in November. If the level holds, it could act as a springboard to further gains.
Investors, though, appear to be waiting for a significant development. That could be expanding Tesla’s robo-taxi service to a new city or unveiling the third generation of its Optimum humanoid robot.
It could also be a Wall Street upgrade or target changes. Since earnings, the average analyst target price has moved less than $5 to $420 a share. That isn’t much of a change, considering the company announced plans to end its Model S and X programs and convert that capacity to robot production. Tesla also announced record capital spending for 2026: $20 billion.
Analysts are waiting, too. Overall, 40% covering the stock rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.
What isn’t next appears to be Mars. The Wall Street Journal reported over the weekend that SpaceX would forego a Mars mission in 2026, focusing on the moon instead.
That’s a reversal from earlier in the year, when Elon Musk called the moon a “distraction,” preferring to go straight to Mars.
There’s no reason Tesla stock should move on SpaceX news. Both companies are working on AI. And, of course, Musk runs both companies. Tesla now owns a small stake in SpaceX. The EV maker disclosed a stake in xAI in January, and SpaceX acquired xAI in February.
Still, the moon-Mars flip is a reminder to investors that Musk sets big goals and meeting them on schedule doesn’t always happen.