Tesla Motors, the U.S.-based electric automaker partially backed by Toyota and Daimler, let 13.3 million shares fly in its IPO back in June. The opening price of $17 per share was higher than anticipated, but that didn’t stop investors from, well, investing. Within a day, the shares shot up to $23.89 – a hefty increase of 40.53 percent.
Now, nearly five months later, the surge continues as, on Thursday, the automaker’s shares soared to $29.36 – a jump of 73 percent over its IPO price. The rise, at least in part, is attributed to the positive words of JPMorgan Chase analyst Himanshu Patel, who wrote in a report on Wednesday, “We are bullish on Tesla Motors as we believe it is at the vanguard of improving battery costs/durability.”
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[Source: Detroit Free Press]