) move to split its richly valued stock into smaller chunks, saying it had the potential to extend a 200% rally in its shares this year by making it easier for retail investors to hold the stock.
Shares in the electric carmaker rose more than 6% in early trading. The stock, which traded at around $1,467 before the bell on Wednesday, is among the highest priced on Wall Street. “The move makes sense for Tesla, as it will make its shares cheaper and more accessible to young first-time retail traders using platforms like Robinhood,” said Jesse Cohen, senior analyst at Investing.com.
Tesla’s move follows a four-for-one split announced by Apple Inc in late July, the iPhone maker’s first stock split since 2014.
This will put the share value back down to a place where retail investors can get in.
Pump and dump
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