Tesla’s stock (TSLA) is still surging on a continued weeklong rally that just pushed its valuation to over $300 billion.

Update: The stock dropped all of the day’s gains and then some on bad Coronavirus news out of California in afternoon trading.

Over the last few weeks, Tesla’s stock hasn’t just recovered from its drop due to the global pandemic, but it has now shot past its pre-pandemic high to new record valuations.

It has now been more than a month since Tesla became the world’s most valuable automaker — surpassing Toyota.

At the time, the automaker was worth just over $180 billion.

But now with a 26% rally last week that is extending into a 14% jump in stock price today alone, Tesla’s valuation is now worth more than $300 billion.

Tesla is now worth more than Toyota, Volkswagen, and Honda, the three next biggest automakers, combined (via Top 25 Automakers by Market Cap by u/brandude87):

The latest rally today comes after we reported on a possible additional short squeeze last Friday as many people betting against Tesla were still holding onto their positions.

This morning, Wedbush analyst Daniel Ives talked about institutional demand for Tesla’s (TSLA) stock on CNBC and said that he sees a shift:

I talked to men that were haters six months ago. Today it’s in a top 20 position.

Many people are attributing the rally to a possible inclusion in the S&P500, which has historically pushed stocks higher as investors tracking the index buy into it.

Some analysts who are bearish on Tesla’s stock are now also throwing in the towel in this incredible rally.

Roth Capital’s Craig Irwin upgraded the stock from sell to neutral today as it’s reaching new all-time highs.

With this 14% jump in stock price adding tens of billions to Tesla’s valuation, the automaker has now risen right past Procter & Gamble and is now in the top 10 of most valuable US stocks.

Today’s increase also comes after several pieces of Tesla news came out this weekend while the market was closed:

The next big catalyst for Tesla is now its Q2 earnings expected to be released on July 22.

At the current price now over $1,700, Tesla’s stock is difficult to buy into for some people and a stock split might be needed. However, with services like Robinhood, you can buy fractional shares of a company like Tesla. You can use this link to sign up and get a free stock.

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