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Saudi Arabia, Russia To Cut 1.05 Million Bpd In November

Saudi Arabia, Russia To Cut 1.05 Million Bpd In November

OPEC+ concluded today’s Ministerial Meeting…

Tesla Plans To Sell $5 Billion In Shares As Stock Rallies

Tesla plans to sell additional common stock worth up to US$5 billion and has hired Wall Street’s biggest banks as sales agents, the EV maker said on Tuesday, days after its five-for-one stock split took effect.

Goldman Sachs, BofA Securities, Barclays Capital, Citigroup Global Markets, Deutsche Bank Securities, Morgan Stanley, Credit Suisse Securities (USA), SG Americas Securities, Wells Fargo Securities, and BNP Paribas Securities will act as sales agents to the common stock that Tesla may offer and sell “from time to time,” the company said.

According to Wedbush Securities analyst Dan Ives, Tesla’s US$5-billion share sale plan is a “smart move.”

“We believe this is the smart move at the right time for Musk & Co. after the parabolic rally in shares with the appetite strong among investors to play the transformational EV trend through pure play Tesla over the coming years,” said Ives, as quoted by Seeking Alpha.

Before the deadline for holders of Tesla stock to be eligible to get more shares under the five-for-one split, shares in Tesla had rallied past $2,000 on the NASDAQ.  

After the stock split, Tesla traded at $494.79 early on Tuesday. Year to date, Tesla’s shares have soared by 490 percent, while they are now 996 percent more expensive than they were at this time last year.

In July, Tesla reported a surprise net profit for the second quarter, beating analyst expectations and reporting its fourth consecutive quarter of net profits, despite factory shutdowns due to the pandemic. Four profitable quarters in a row make Tesla now eligible to be considered for inclusion in the S&P 500 Index.

The sales and profit figures, the inclusion in the S&P 500, the stock split, and the general surge of EV makers’ stocks in recent months pushed Tesla’s share price to new record highs.

Analysts will now be watching Tesla’s Battery Day event on September 22 for additional clues about the EV maker’s plans that could further boost its stock price.  

By Tsvetana Paraskova for Oilprice.com

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