Tesla Riding Mixed Fortunes
Tesla Inc. has seen a rollercoaster ride in 2024. Despite being down over 19% year-to-date, the recent 3% increase in the last month has provided some relief. The second-quarter earnings report revealed a revenue of about $25.5 billion, slightly exceeding Wall Street’s expectations.
Technical Lifeline with Golden Cross
Although Tesla’s earnings per share dropped significantly by 43% year-over-year, missing the Street’s estimate, the stock found hope in a Golden Cross on July 29. This bullish signal indicates a potential upward trend, instilling optimism among investors.
Clean Energy Sector Struggles
While Tesla shines with its Golden Cross, the clean energy sector is facing challenges. Enphase Energy Inc., a leader in energy management technology, is down 15.69% year-to-date and is on the verge of a Death Cross. This bearish signal suggests further potential declines.
Blink Charging Co. and iShares Global Clean Energy ETF in Trouble
Another key player in the EV space, Blink Charging Co., has also had a tough year with its stock down 35.49% year-to-date, inching closer to a Death Cross. The iShares Global Clean Energy ETF has already succumbed to a Death Cross, mirroring the sector’s struggles.
Contrasting Fortunes
While Tesla enjoys its technical rebound with the Golden Cross, clean energy stocks are mired in the Death Cross territory, reflecting the diverging paths within the sector. The ETF’s 8.54% year-to-date decline underscores the uphill battle that clean energy stocks are currently facing.