Shares of electric vehicle giant Tesla, Inc. (NASDAQ:TSLA) rose in premarket trading on Thursday following a 1%+ decline on Wednesday.
The stock could gather some momentum as the Elon Musk-led company prepares to begin deliveries of its much-awaited Cybertruck on Thursday. The delivery event is scheduled to start at 3 p.m. ET. The stock could see some volatility in late trading around the event.
Although the Tesla community and some analysts are uber-bullish about the positive impact Cybertruck can have on deliveries, others are guarded. Deepwater Asset Management’s Gene Munster sees Tesla being capacity-constrained for the vehicle and, as an extension, expects it to contribute only marginally to volume growth. Jefferies analyst Philippe Houchois said in a note week last week that the Cybertruck is an “off-mission” product coming at an inopportune time.
From an intraday low of $194.07 hit on October 31, Tesla stock has recovered nicely. It settled Wednesday’s session down 1.05% to $244.14, according to Benzinga Pro data. In premarket trading on Thursday, the stock climbed 0.63% to $245.69.
This week alone, the stock has tacked on 3.7%. If the reception to the Cybertruck and Musk’s update is positive, the stock could test resistance around the $255.7 and $274.5 levels. On the downside, the stock has support around the $233 and $215 levels.
