On Tuesday, Tesla stock rose another 17% by the afternoon. The rally comes after a surge of more than 18% on Monday. The major upswing on Monday followed Argus Research's upgraded target price of $808, up from a previous $556 per share. CNBC reported the firm cited positive fourth-quarter financial results as part of its upgraded target price. Shares reached an all-time high of $783 Monday.
Today, $783 is in the rearview mirror. As of this writing, Tesla shares surged past the $900 mark to $904.77. Reuters reported Tuesday the latest rally comes as Tesla's battery partner, Panasonic, reported profits on the two companies' venture. It's the first time Panasonic has reported figures in the black.
All of Argus Research's bullish predictions hinge on continued demand for theand healthy revenue from Teslas two older models, the and . The carmaker seems to believe it has everything necessary for success, as it forecasted . In the fourth quarter of last year, Tesla delivered a whopping 112,000 vehicles, which exceeded Wall Street estimates by several thousand cars.
Tuesday's bonkers stock skyrocket follows, and healthy financial numbers from Tesla's fourth-quarter earnings call. Reports of also dropped on Tuesday.
The ongoing positive Wall Street performance is a boon for Musk himself, too. The CEO will be in for ashould the company's market capitalization keep above $100 billion. It's part of an aggressive pay package agreed to in 2018, which set some rather lofty goals for Musk and Tesla.
The carmaker reached the $100 billion threshold that triggered the potential payout last month. Now, it needs to hold at a one-month and six-month average for Musk's first big pay day.
Originally published Feb. 3.
Update, Feb. 4: Updated to reflect Tesla's continued positive Wall Street performance and add information about Panasonic venture.