Tesla shares gain the most in a week on Monday, company launches a hiring spree in Shanghai amid rising production

Tesla Inc (TSLA) is looking to hire China-based designers and nearly 1,000 factory workers in Shanghai, as the US company ramps up vehicle production in the country. The job openings were posted on Tesla human resources department’s official WeChat account.

The auto maker also intends to hire 600 workers for its stamping, bodywork, painting and assembly workshops in Shanghai, a job post by the Lingang local government showed. The company is looking for additional 150 workers to do quality checks, 200 workers for logistics operations and 20 people for security.

In January, Tesla had announced plans to establish a design and research center in China focused on production of “Chinese-style” vehicles.

Tesla shares closed higher for the sixth time in the past ten trading sessions on NASDAQ on Monday. It has also been the sharpest single-session gain since July 20th. The stock went up 8.65% ($122.60) to $1,539.60, after touching an intraday high at $1,547.13, or a price level not seen since July 23rd ($1,688.66).

Shares of Tesla Inc have risen 268.03% so far in 2020 compared with a 22.23% gain for the benchmark index, Nasdaq 100 (NDX).

In 2019, Tesla’s stock went up 25.70%, thus, it underperformed the Nasdaq 100, which registered a 37.96% gain.

Analyst stock price forecast and recommendation

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $1,400.00, with a high estimate of $2,400.00 and a low estimate of $300.00. The median estimate represents a 9.07% downside compared to the closing price of $1,539.60 on July 27th.

The same media also reported that at least 16 out of 34 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 8 – as “Sell”. On the other hand, 7 analysts had recommended buying the stock.