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Tesla shares jump 9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} amid tech rebound, Goldman comments

Tesla CEO Elon Musk speaks during a meeting with Chinese Premier Li Keqiang (not pictured) at the Zhongnanhai leadership compound in Beijing on January 9, 2019.

MARK SCHIEFELBEIN | AFP | Getty Images

Tesla shares jumped more than 9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} on Monday amid a broad-based rebound in the technology sector, and as Goldman Sachs said that demand is picking up in China.

“Tesla global weekly app downloads have recently been tracking up on a year-over-year basis, with the most recent full week of global data up about 20{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} yoy,” the firm said in a note to clients Monday, while noting that the company typically has “much stronger deliveries in the last month of each quarter.”

Still, the firm has a neutral rating on shares of the Elon Musk-led company, and a 12-month price target of $295.

Monday’s move continues a period of volatility for the stock, which has seen it swing between sharp gains and losses. Last Tuesday shares dropped 21{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} for their worst day on record after S&P Dow Jones Indices decided against adding the stock to the S&P 500. The very next day, the stock jumped nearly 11{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}.

Monday’s move also came on the heels of strength in the broad technology sector. The Nasdaq Composite advanced 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, after posting its worst week since March. Apple gained more than 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, while Amazon, Microsoft and Alphabet were each up more than 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}.

Tesla shares are up roughly 380{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} this year, but they’re also about 20{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} below their record high from Sept. 1.

In addition to exclusion from the S&P 500, shares have come under pressure after the company announced it was raising $5 billion through a new stock offering, and after the company’s largest outside shareholder trimmed its position.

– CNBC’s Michael Bloom contributed reporting.

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