Analysts Bullish on Tesla Ahead of October 10 Catalyst
Here are some of the most active stocks seeing insider buying, volume spikes, hidden institutional trading or Congressional buy activity.
Institutional Trading: Tesla (SYM: TSLA)
A firm just picked up $870,000 worth of the Tesla October 11, 2024 280 calls.
That means the firm believes Tesla, which last traded at $242.62, could rally above $280 by October 11. Helping, Tesla does have a high-profile robotaxi event on October 10. Plus, other firms are just as bullish, with Deutsche Bank resuming coverage of TSLA with a buy rating and a note that the EV stock is its top pick in the auto sector.
“Near-term, automotive deliveries/margin have indeed been softer, but we view this as temporary ahead of new models/refreshes coming in the pipeline. Long-term, Tesla is an emerging leader in autonomous driving (robotaxi) and humanoid robots Optimus… which represent some of the most clear and lucrative applications of end-to-end AI,” added the firm, as quoted by Seeking Alpha.
Insider Buying: Gran Tierra Energy (SYM: GTE)
Gran Tierra Energy (SYM: GTE) engages in the exploration and production of oil and gas properties in Colombia and Ecuador. It just saw President and CEO Gary Guidry buy another 100,000 shares of the beaten-down stock for about $617,000.
Technically oversold, the GTE stock appears to have caught strong support at $6 and is just starting to pivot higher. From its last traded price of $6.07, we’d like to see the stock initially refill its bearish gap at around $7 a share.
Volume Spike: Cameco Corp. (SYM: CCJ)
Cameco Corp. is seeing a good deal of volume on news of a nuclear comeback.
Helping, Three Mile Island’s nuclear plant could be brought back to life to help feed the growing energy needs of Microsoft, which would buy 100% of its power for 20 years.
“If approved by regulators, Three Mile Island would provide Microsoft with the energy equivalent it takes to power 800,000 homes, or 835 megawatts. Never before has a U.S. nuclear plant come back into service after being decommissioned, and never before has all of a single commercial nuclear power plant’s output been allocated to a single customer,” as reported by The Washington Post.
