Tesla Stock Shakes Off the Ghosts of October and Aims for a Brighter November

Tesla ended a volatile October nearly flat, but history suggests November could bring a rebound as investors eye Elon Musk’s upcoming pay vote and a typically stronger month for the stock.

Tesla (TSLA) investors finally get to shut the door on a spooky October. The stock closed out the month up 2.2% at $449.92, bouncing after a rough Thursday when it fell nearly 5% alongside a wider selloff in AI-related names.

There was no major news behind Friday’s move; just the usual Tesla-style volatility. October was packed with huge swings, with the stock moving more than 5% up or down on four separate days. That’s twice as many big moves as September, when Tesla soared 33% for the month.

Despite all the drama, Tesla finished October almost flat, down about 1% overall. Shares hit a high of $470.75 early in the month, within touching distance of their $488.54 all-time peak, but couldn’t hold on.

The Thing about November

The good news for investors is that history is on their side. November tends to be a friendly month for Tesla stock. Since the company went public in 2010, shares have risen in 11 of 15 Novembers, averaging a 12% gain. Compare that to October’s modest 2% average rise, and it’s easy to see why traders are hoping the calendar alone can bring some momentum back.

The thing is, small daily gains can snowball fast. Tesla’s average daily move of 0.2% may not sound like much, but it has added up to a staggering 27,500% rise since its IPO.

Musk’s Pay Vote Looms

Next week could bring new fireworks. Tesla’s annual shareholder meeting on November 6 will revisit CEO Elon Musk’s massive compensation package, estimated at around $1 trillion if all milestones are met. Most analysts expect it to pass, but if it doesn’t, investors worry it could irritate Musk, which is never a good thing for a stock that already swings on his moods.

This vote, plus new macro headlines around interest rates and inflation, could inject more volatility into the mix. But as long as Tesla keeps selling cars, building batteries, and expanding its energy business, traders seem willing to ride the roller coaster.

A Look Back and Ahead

Over the past 12 months, Tesla shares are still up 76%, and 9% higher so far this year. The volatility might scare some investors away, but for long-time holders, it’s all part of the show.

So while October brought plenty of tricks, November might just deliver the treat.

Is Tesla Stock a Buy, Hold, or Sell?

Currently, Wall Street has a Hold consensus rating on Tesla stock based on 14 Buys, 10 Holds, and 10 Sell recommendations. The average 12-month TSLA stock price target of $395.54 implies a 13% downside from the current price level.

See more TSLA analyst ratings