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Is Tesla Stock a Buy After Soaring in May?
Tesla stock roared back in May. But with the stock now pricing in big news, is it too late to buy?
Shares of electric-car maker Tesla (NASDAQ: TSLA) soared in May, climbing more than 23%. This was far greater than the S&P 500's 5.5% gain. The sharp move higher helped Tesla recover some of its losses from earlier in the year. Shares wrapped up the month down 14% year to date -- a big improvement from declines of more than 40% earlier this year.
The growth stock's surge higher came as Tesla CEO Elon Musk announced that he is stepping down from President Trump's Department of Government Efficiency (DOGE) initiative. Investors are also probably encouraged by the company's progress toward launching a self-driving ride-sharing network in Austin this summer. The autonomous ride-hailing service, which Tesla calls Robotaxi, is expected to be a game-changer for the company and the stock if it is successful.
Image source: Getty Images.
