Nasdaq TSLA Tesla

(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.)

U.S. stock indexes rose on Friday, as Johnson & Johnson and big technology and communication stocks led gains at the end of a week scarred by deepening concerns over prolonged inflation.

Elon Musk has come good on his word; the Tesla (TSLA) CEO has begun offloading shares in a hurry after promising to abide by the results of a now-infamous Twitter poll he conducted which determined he should sell 10% of his stake in the company.

This week, Musk has already sold roughly $5 billion of stock and Wedbush’s 5-star analyst Daniel Ives thinks he is “likely is on pace to complete his 10% ownership stock sale over the coming days.”

Ives says it was common knowledge that Musk was due a hefty tax bill from the 23 million stock options granted in 2012 that have vested and are due to expire in August 2022.

“With a tax bill that we calculate at north of $10 billion,” the analyst said, “Selling stock before year-end is not a surprise, although holding a Twitter poll to sell 10% of his stock is another soap opera that can only happen to one company and one CEO in the world, Musk.”

The headline-grabbing CEO still owns around 21% of Tesla. The view on Wall Street was that he would most likely offload ~5%/6% of his ownership stake, so the 10% could be seen by some as somewhat of a surprise. However, while Ives acknowledges the higher amount has given “fuel to the bears,” he believes that overall, it’s a “digestible number” which does not raise too much concern.

In fact, the analyst is glad Musk has not wasted anytime in putting the sale into action, as it is likely to “remove an overhang.” Ives would rather Musk “rip the band-aid off now and sell this portion of stock rather than it lingering over the next year and feeding into any non- fundamental bear thesis on the story.”

Speaking of fundamentals, those haven’t changed, and Ives expects Tesla to continue being the main force driving EV adoption to the “next level.”

Accordingly, the analyst maintains an Outperform (i.e. Buy) rating on Tesla shares along with a $1,100 price target, indicating modest 6% upside from current levels. (To watch Ives’ track record, click here)

The rest of the Street, however, thinks shares are way overvalued; going by the $850.24 average target, the stock will lose 20% of its value over the coming months. Additionally, it’s a mixed bag on the ratings front; based on 10 Buys, 6 Holds and & sells, the analyst consensus rates the stock a Hold. (See Tesla stock analysis on TipRanks)

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

A record-setting run in U.S. stocks has made some investors wary as concerns grow over the market’s vulnerability to surging inflation, tighter Federal Reserve policy and moderating corporate profit growth.

U.S. stock indexes rose on Friday, as Johnson & Johnson and big technology and communication stocks led gains at the end of a week scarred by deepening concerns over prolonged inflation.

U.S. stock indexes were set to open higher on Friday, as Johnson & Johnson and big technology stocks led gains at the end of a week scarred by deepening concerns over prolonged inflation.

Considering the incredible stock price run-up seen for Tesla stock over the past couple of years, some investors are likely thinking it's now too late to buy in on the electric vehicle (EV)-producing company and see similar gains going forward. Others aren't hesitant at all and t

Automaker Ford Motor Company (NYSE: F), and vaccine developer Dynavax Technologies (NASDAQ: DVAX), have had meteoric rises this year, more than doubling their respective share price.

U.S. stock index futures edged higher on Friday as Johnson & Johnson and technology stocks led gains at the end of a week scarred by deepening concerns over prolonged inflation.

Tesla Inc Chief Executive Officer Elon Musk disclosed a sale of additional 639,737 shares of the electric-car maker, regulatory filings showed on Friday, after offloading about $5 billion worth of stock following a poll of his followers on Twitter.

Tesla Inc Chief Executive Officer Elon Musk sold more shares of the electric car maker, regulatory filings showed on Friday, after offloading about $5 billion worth of stock following a poll he posted on Twitter.

After more than a decade of explosive growth, China's Singles' Day, the world's biggest online shopping fest, is losing its gloss and bracing for more modest growth in coming years, hurt by a slower economy and tighter regulatory scrutiny.

The focus of China's Singles' Day shopping festival should shift from a "traffic and sales war" to one of science and technology, a state-backed newspaper said on Friday, describing the "worship of turnover" as incompatible with China's new development path.

Four astronauts, three from NASA and one from the European Space Agency, arrived at the International Space Station on Thursday and docked their SpaceX Crew Dragon capsule with the orbiting laboratory to begin a six-month science mission.

Four astronauts, three from NASA and one from the European Space Agency, arrived at the International Space Station on Thursday and docked their SpaceX Crew Dragon capsule with the orbiting laboratory to begin a six-month science mission.

Chipmaker NXP Semiconductors on Thursday said it believes it will hit $15 billion in sales by 2024, with much of the expansion coming from internet-connected electric vehicles.

The dollar rose on Thursday, hitting a 16-month high a day after the strongest U.S. inflation reading in more than three decades, while equities rebounded on expectations higher consumer prices will help corporate growth.

The S&P 500 ended only nominally higher on Thursday, with chipmakers helping push the Nasdaq into green territory in a muted Veterans Day session, the day after hotter-than-expected inflation reports dampened investor sentiment and halted a streak of record closing highs.

Just like that, Tesla (NASDAQ: TSLA) founder and CEO Elon Musk has started unloading the billions of dollars worth of stock he left up to a recent Twitter poll. In order to satisfy an upcoming tax bill and to ensure he doesn't look like he's trying to avoid taxes with unrealized

The S&P 500 ended essentially flat on Thursday, with chipmakers helping push the Nasdaq into positive territory in a subdued Veterans Day session, the day after hotter-than-expected inflation reports dampened investor sentiment and halted a streak of record closing highs.