“Last week was a terrible week so there’s a little bit of a rebound,” Loup Ventures’ Gene Munster told CNBC. “No news in the case of Tesla is good news.”
The quiet week let investors focus on the business and production numbers, Munster said. Musk said last week Tesla would build and deliver twice the cars during the September quarter as the company did last quarter.
“There’s enough optimism that’s been generated around that, that it’s moved the shares higher in the past week,” Munster said.
If Tesla can deliver on its production promises, the stock could rebound above $300, Munster said.
Shares ended trading at $295.20. That leaves the stock 15 percent down in the last 30 days and 24 percent off its 52-week high.