What Went Down With Tesla Stock Today?

Tesla Inc TSLA shares closed 8.6% higher on Tuesday.

What Happened: The Elon Musk-led company got caught in an updraft, which buoyed growth stocks on Monday. The tech-heavy Nasdaq ended the day 1.05% higher at 13,996.10.

The automaker has received the thumbs up from analysts in recent days. Credit Suisse analyst Dan Levy releasing per share estimates for the company’s first-quarter, the Motley Fool reported.

On Tuesday, Levy pegged the company’s vehicle deliveries in 2021 to be higher than expected at 929,000 units in 2021 compared with 500,000 in 2020.

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On Monday, Canaccord Genuity analyst Jed Dorsheimer upgraded Tesla from Hold to Buy and upped the price target for the automaker to $1,071 from $419.

Dorsheimer too expects higher delivery numbers, which will lead to greater profitability.

Meanwhile, Wedbush analyst Dan Ives expects Tesla’s total deliveries for FY 21 to rack up to 830,000. He revised his earlier estimates of 774,000.

See also: How to Invest in Tesla Stock

Why It Matters: Tesla's Tuesday gain was the largest one-day percentage gain since March 9. The company is scheduled to report its first-quarter earnings on Apr. 26.

Also on Tuesday, shares of several tech firms were up such as Apple Inc AAPL which ended the regular session 2.43% higher, Microsoft Corporation MSFT was up 1.01%, and Palantir Technologies Inc PLTR spiked 8.91%.

Tesla delivered 184,800 vehicles in the first quarter of this year, the number represents a 2.3% quarterly increase and a 109% year-over-year jump.

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Price Action: Tesla shares closed 8.6% higher at $762.32 on Tuesday and fell nearly 0.6% in the after-hours trading.

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