Tesla is on a roll early this 2020 as its shares skyrocketed anew on Tuesday.
Tesla’s shares increased by as much as 20.5%, and trading as high as $940. This milestone appreciated Tesla’s worth at around $170 billion.
In the last two days, Tesla posted a 40% increase in shares. Tesla’s overall performance for this year is more than twice of its latest increase. Since July 2019, Tesla’s shares have spiked 274%.
On Wednesday, Tesla said it had announced its first annual profit that beat analysts’ expectations.
Wedbush Securities analyst Daniel Ives noted on Monday, “While Tesla shares remain on a historic rally post earnings, the bull party will likely continue in the near-term as the aggressive trajectory of production and demand out of Shanghai look very strong out of the gates.”
Panasonic, Tesla’s battery supplier, also provided a boost to Tesla’s shares as is posted improved quarterly earnings.
Chief Executive Operator, Elon Musk, is the most fortunate about the company’s stock soar as he will be handed a lucrative pay package after receiving pay only through stock options since 2018.