Tesla Inc. shares rebounded March 9 after a five-day losing streak wiped out about $149 billion from the company’s valuation.
A steady stream of positive news — including an upgrade from a Wall Street analyst, a rally in the cryptocurrency Bitcoin and a broader turn in sentiment toward high-multiple technology stocks — are luring investors back to electric-vehicle makers, and Tesla.
Shares of the Elon Musk-led company jumped as much as 14% on March 9, after falling 22% in the past five sessions. Precipitous drops, however, are nothing new for Tesla investors. The stock has seen three sharp selloffs of more than 30% in a span of about a month since the beginning of 2020.
