ETFs heavy in Elon Musk's Tesla

Published On Oct 24, 2024, 7:00 AM

Tesla CEO Elon Musk announced strong financial results during the company's earnings call, noting it was a record third quarter despite a challenging market. Key points included the company's plans to launch more affordable vehicle models in mid-2025 and the continued focus on profitability, with significant gross margins reported. Analysts have projected that Tesla shares could reach $300, indicating potential for substantial growth. Additionally, Tesla is involved in future projects like robotaxis and partnerships with companies like PepsiCo for electric semis, which could further enhance their market position.

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Stock Forecasts

TSLAView TSLA chart on TradingView

Positive

Given Tesla's recent positive earnings and plans for cheaper models, there is strong potential for stock price appreciation. The reaffirmed focus on profitability and new product offerings suggests continued investor confidence.

ARKKView ARKK chart on TradingView

Positive

ETFs with significant holdings in Tesla are likely to see increased activity, especially after favorable earnings results. These funds represent diversified exposure to Tesla's potential growth and may benefit from rising shares.

XLYView XLY chart on TradingView

Positive

The Consumer Discretionary Select Sector SPDR Fund (XLY) is likely to reflect the positive sentiment towards consumer discretionary spending, particularly with Tesla's strong earnings and growth plans.

VCRView VCR chart on TradingView

Positive

The Vanguard Consumer Discretionary ETF (VCR) could also show positive movement, bolstered by Tesla's performance and overall trends in the consumer discretionary sector.

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