Tesla Inc. TSLA The stock has recovered unevenly this year, alternating between rallies and pullbacks. Much of the volatility could be related to external shocks, including the banking crisis.

What happened: Future fund‘S gary black, a Tesla bull weighed on the short-term performance of the stock.

Tesla price action: Tesla shares are down about 12% since then March 1 Investor Day as opposed to the 4% gain for the Nasdaq 100 Index, black noticed. The stock is still about 72% higher for the year, albeit below the yearly high of $217.65.

See also: Everything you need to know about Tesla stock

Black expects Tesla’s shares to remain in the recent range of $170-$190 until the first-quarter deliveries are announced. The company could release the figures on April 2nd.

Street estimates first-quarter deliveries will reach 420,000 units, compared to 405,278 units sold in the fourth quarter and 310,048 units in the year-ago quarter.

Black’s Future Fund’s flagship exchange-traded fund – the Future Fund Active ETF FFND – has Tesla as the second largest holding with a weighting of 8.87%.

Amid Tesla’s 2022 stock slide and in the run-up to Investor Day, Black has repeatedly staged the need for a $25,000-$30,000 compact car to expand the company’s overall addressable market into the mass segment.

Black’s company has a $370 price target for Tesla shares, more than 100% above current levels.

• Upcoming Catalysts: Black listed several short- to medium-term catalysts that can give Tesla stock momentum.
• These include:
• Record Deliveries in the first quarter in early April.
• FSD V11 best single stock expected in first quarter.
• mega pack Sales estimate increases in the first quarter.
• clarity about the $7,500 EV credit after the first quarter.
• A $10 billion buybackpossibly in the second half.
• Twitter CEO Announcement, probably in the second half.
• Cybertruck Starting late 2023
• A Compact car for $25,000 in 2024.

Tesla closed Friday…