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As Yankee hall of fame catcher Yogi Berra might say it’s déjà vu all over again. Tesla shares are still on a tear. Maybe investors overreacted to the delivery report on Oct. 2.

Tesla (ticker: TSLA) shares closed up 0.9% at $261.97 on Thursday, the highest level since July 24, according to Dow Jones Market Data. Thursday is the ninth straight daily gain for the EV pioneer. That’s quite a run.

The current rally has been catalyzed—apparently—by the third-quarter delivery disappointment. Tesla shares fell more than 4% on Oct. 3 after the auto maker reported 97,000 deliveries during the third quarter. Available consensus estimates were below that amount—at about 94,000—but investors might have been hoping for a six-figure number.

The estimates, the reaction, and the stock rebound all highlight how hard it can be to follow Tesla data points.

But sometimes overreaction has to be expected. After all, Tesla shares are volatile—about 50% more volatile than General Motors (GM) and about 100% more volatile than Honeywell International (HON). (It’s difficult to compare single stock volatility to the overall market because the S&P 500 is far less volatile than individual stocks.)

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Tesla’s volatility partly derives from the wide range of opinions on the future of the company. Wall Street targets from major brokerages run from $140 to $530 a share. The $390 target-price spread is about 150% of the current stock price. The average bull-bear spread for stocks in the Dow Jones Industrial Average is less than 50%, based on Barron’s calculations.

The volatility is also partly due to the strong personality of founder Elon Musk, who, for instance, has battled the Securities and Exchange Commission over market-moving tweets—such as one in February which said Telsa would make “around 500,000” cars in 2019. Management guidance is for about 400,000 cars made this year.

It’s been a wild ride for shareholders to this point. The stock is still down about 32% from its all-time closing high of $385.00 on Sept. 18, 2017. Investors can expect more volatility in the future. Tesla reports full third-quarter numbers on Oct. 23.

Write to Al Root at allen.root@dowjones.com