In contrast to its impressive gains throughout the year, Tesla (NASDAQ: TSLA) stock’s momentum seemed to have slowed down in July, with a modest rise of less than 2%.
As August approaches, Finbold’s data analysis delves into Tesla’s historical stock market performance during this particular month, aiming to shed light on whether the electric vehicle (EV) giant can regain its fervor or face new challenges ahead.
Interestingly, August is one of the more favorable months for Elon Musk’s automaker. In particular, since going public after its initial public offering (IPO) in 2010, TSLA’s historical win rate in this month stands at 54%, with an average return of 7.58%, according to data retrieved on July 31.
Picks for you
“$TSLA Since the company IPO’d in 2010, Tesla has a 54% win rate in the month of August with an average return of +7.58%.”
– TrendSpider noted in a tweet.
The stock win rate refers to the percentage of profitable trades or periods of positive returns compared to the total number of trades or time periods analyzed. Primarily, it serves to gauge the stock’s success in generating gains and is often used by investors to evaluate the performance of a particular company in the stock market.
September and October are the most challenging for TSLA
Historically, Tesla showcased strong performance in August. However, the following two months, September and October, proved to be challenging for the company’s stock, with a discouraging win rate of just 38% in each respective month.
Still, the last two months of the year, November and December, have previously boded well for Tesla, with a historical win rate of 69% and 54%, respectively. In fact, November is the second most favorable month for Tesla, after June (77%).
Tesla stock price analysis
At the time of publication, shares of Tesla were standing at $266.44, after closing 4.2% higher on July 28.
Over the past week, the EV stock is down around 0.6%, while gaining more than 3.2% over the past month.
Year-to-date, TSLA skyrocketed more than 146%, marking an exceptional comeback following a challenging 2022.
If history were to repeat itself and Tesla shares rally by a margin close to its historical August gains of 7.58%, the company’s stock could end the month at around $286.6 apiece.
Meanwhile, the EV behemoth is making plans to foray into India, the third-largest auto market on the globe. Recent reports stated that two senior Tesla executives discussed the company’s plans to enter India with officials from the nation’s investment promotion arm.
Tesla reportedly plans to build a low-cost EV priced at $24,000 for the Indian market and for export.
Buy stocks now with Interactive Brokers – the most advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
