Tesla's Roadster is 1 Reason Why October Could be a Different Story for the Stock

Dow Jones19:42

Shares of Tesla surged in August but investors haven't continued to push the stock meaningfully higher this month. That could change in October with several possible catalysts on the horizon for shares of Elon Musk's electric-vehicle maker.

Top of the list is the new Tesla Roadster. The company has reopened reservations for the long-awaited new vehicle, asking consumers for a $50,000 deposit. Musk last week hyped up the Roadster ahead of its Oct. 1 launch.

The vehicle is expected, in some way, to incorporate aerospace technology. It's another SpaceX collaboration, but much of the project remains a mystery.

Tesla stock rose 1.3% to $368.98 in premarket trading on Monday after ending Friday down 0.5%. Shares had fallen 1% in September as of the closing bell on Friday after advancing more than 18% in August.

Along with the new Roadster reveal, Tesla reports third-quarter vehicle delivery data in early October with earnings due at the end of the month.

With Tesla stock trading tightly along its 50-day moving average, around the $350 level, since Aug. 21, October is shaping up to be a significant month for shares of Musk's EV company.

 

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