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Musk’s New Products Send Tesla Inc (TSLA) Higher

Tesla Inc (NASDAQ:TSLA) shares beat the market once again on Thursday after Elon Musk announced two new products on Twitter. Despite the NASDAQ inching lower by 0.53%, the electric vehicle company’s stock surged 2.4% after CEO Elon Musk tweeted the following: ‘Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level’. Musk later added the tweet, ‘Pickup truck unveil in 18 to 24 months’.

Given the potential for new products to increase growth and improve sentiment, it’s not surprising that some traders bid up Tesla Inc (NASDAQ:TSLA) shares in reaction to the news. Tesla’s plans for the near future are already very ambitious with Elon Musk and Co expecting to manufacture half a million vehicles by next year. With the new planned semi-truck and pickup truck, Tesla would be expanding its line-up and would potentially have an advantage in the space with presumably some level of autonomous driving built in.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

According to our data, 38 elite funds were long Tesla Inc (NASDAQ:TSLA) as of the most recent 13-F reporting period, up 4 funds from the previous quarter.

The Bottom Line

Tesla Inc (NASDAQ:TSLA) rallied on Thursday due to news of a new semi-truck unveil in September and a new pick-up truck unveil in the next 18-24 months. For more reading, check out ‘11 Most Profitable Trucking Companies In America‘.

Disclosure:None

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