Market Roundup: October 11 to October 15 2021

Catch up with the stocks that have made the biggest moves this week.
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3 min read
Candlestick Chart

Tesla Inc. ($TSLA)

Shares of the popular electric vehicle automotive company, with the infamous Elon Musk at its figurehead, saw shares rise approximately 6.5% ($51.10) over the past week. The rise has been attributed to a number of events, such as US investment back Jefferies raising its price target for Tesla to $950 from $850, ahead of its Q3 earning results on Wednesday, October 20. Furthermore, Micheal Burry, who is famous for his huge short positions against Tesla, ditched his shorts, claiming that the media had ‘inflated’ the situation. Tesla currently is trading at $843 on Sunday evening. Keep an eye on Tesla’s earnings reports this week and whether it can break the $850 resistance level.

Virgin Galactic ($SPCE)

Shares of Virgin Galactic fell sharply this week after the company had announced the start of its commercial spaceflight program will be delayed until next year. Various investment banks such as the Bank of America lowered their target price for Virgin Galactic to $20 (down from $25) over concerns regarding an increasing lack of clarity and security for the company. Shares of Virgin Galactic fell 20% after the news came about, and the stock is trading at $20.01 as of Sunday evening (down 14% compared to the start of the week).

Wise Plc. (£WISE)

Shares of Wise Plc. have seen another disastrous week after trading prices slid 11% (£1.12) since the start of the week. The company saw its shares drop a few weeks ago after its billionaire owner was fined by HM Revenue & Customs over tax problems, and now there is speculated that the Financial Conduct Authority may start an investigation. Wise saw great gains in the first few months of its IPO, but now most of those gains have been wiped. Wise is now only up 2% since its IPO price back in July. Wise currently trades at £9, down from its £11.30 high in late September.

Coinbase ($COIN)

Coinbase’s share price has shot up 32% over the last week. The value of certain cryptocurrencies has reached highs not seen for quite a time, with Bitcoin crossing the $60,000 mark. Coinbase’s performance is typically attributable to the performance of cryptocurrencies, since that is the platform’s primary service. However, Coinbase announced this week they are expanding into the world of NFTs (Non-Fungible Tokens) and are aiming to put a dent into OpenSea’s 95% share of the NFT market. Since Coinbase has millions of users every month, their arrival onto the NFT scene could make the digital assets vastly more popular and NFT trading revenue could be taken out of OpenSea’s hands.

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