Tesla Stock Surges on Solar Expansion Plans and Institutional Buying
Tesla shares rallied 4.1% to $413.50 as Oppenheimer Asset Management increased its stake by 17.5% in Q3. The MOVE comes alongside Tesla's ambitious plan to build 100 GW of U.S. solar manufacturing capacity by 2028, with job postings revealing a three-year timeline for domestic production from raw materials.
Institutional ownership now stands at 66.2% of shares, reflecting growing confidence despite competitive pressures. Volkswagen recently overtook Tesla as Europe's top EV seller, yet Tesla's valuation remains lofty at a P/E ratio near 381.
Technical indicators suggest bullish momentum, with the stock holding above the psychologically key $400 level. The 50-day moving average continues trending upward, while the 200-day average confirms the broader uptrend remains intact.
