Tesla (TSLA) CEO Elon Musk tweeted on Tuesday that the electric carmaker would accept the cryptocurrency Dogecoin as payment for certain merchandise purchases on a trial basis. He tweeted, “Tesla will make some merch buyable with Doge & see how it goes.”
Following the tweet, Dogecoin jumped over 30%, while shares of Tesla were trading more than 2% lower in the pre-market trading session at the time of writing.
Merchandise sold by Tesla includes apparel, belt buckles, mini models of its vehicles, quad bikes ‘Cyberquad’ for kids, and the ‘Cyberwhistle’.
Musk, a frequent supporter of the Doge cryptocurrency, previously accepted Bitcoin for vehicle purchases. This, however, was recently stopped due to certain environmental concerns. (See Tesla stock charts on TipRanks)
Recently, RBC Capital analyst Joseph Spak maintained a Hold rating on Tesla and lifted the price target to $950 (1.7% downside potential) from $800.
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 13 Buys, 6 Holds, and 6 Sells. The average Tesla price target of $982.96 implies 1.71% upside potential. Shares have gained 51% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Tesla’s performance. According to the tool, the Tesla website recorded a 1.2% increase in global visits in November compared to the same period last year. In contrast, a quarter-to-date comparison showed a decline of 6.43% compared to Q4 2020, while year-to-date website traffic growth stands at 1.67%.