Electric vehicle manufacturer Tesla, Inc TSLA The shares are poised for outperformance on Monday as they are solidly higher in premarket trading.

The stock fell 8.78% or $20.97 last Friday before closing at $217.80, its lowest close since September 9.

The pre-market strength could indicate bargain hunting following the stock’s 13% decline in the week ending October 13. Even if the stock rebounds in the short term, a sustained upward trend is unlikely until the company’s third-quarter earnings report. Investors are skittish about the margin impact of the incentives the company had put in place to boost sales.

See also: Buy Tesla (TSLA) stock

Tesla is expected to report its quarterly results after the market closes on October 23. On average, analysts expect the company to report earnings per share of 57 cents, compared with 66 cents a year ago. Revenue may have increased 14.70% to $25.34 billion. The company reported its first year-over-year growth in three quarters earlier this month.

While Tesla fell almost 9% on Friday, Cathie Hout– runs Ark Invest’s ARK Next Generation Internet ETF ARKW bought 12,730 shares in the Elon Musk-led company. At Friday’s closing price, the purchase is worth $2.77 million.

The stock could also get a shot in the arm from its sister company SpaceXs good luck catching the Starship rocket booster for the first time when it returned to Earth after launch.

Tesla shares rose 1.13% to $220.26 in the premarket, according to data from Benzinga Pro.

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