Tesla stock skyrockets to new record as bulls think it'll keep climbing
A single share of Tesla is now more than $900.
It all started with Gran Turismo. From those early PlayStation days, Sean was drawn to anything with four wheels. Prior to joining the Roadshow team, he was a freelance contributor for Motor Authority, The Car Connection and Green Car Reports. As for what's in the garage, Sean owns a 2016 Chevrolet SS, and yes, it has Holden badges.
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 the Model 3 and healthy revenue from Teslas two older models, the Model S and Model X. The carmaker seems to believe it has everything necessary for success, as it forecasted delivering 500,000 vehicles in 2020. In the fourth quarter of last year, Tesla delivered a whopping 112,000 vehicles, which exceeded Wall Street estimates by several thousand cars.
The ongoing positive Wall Street performance is a boon for Musk himself, too. The CEO will be in for a $364 million payday should 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.
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