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Tesla Inc. stock approached $ 900 about to close another record high on Friday, extending its winning run to an all-time 11th trading day.
Tesla TSLA,
shares rose 7.3% to an intraday high of $ 875.38. The title is up 36% in its 11 winning sessions, the longest winning streak on record.
The rise in shares also pushed Tesla’s market cap to $ 824 billion, making Tesla the fifth-largest U.S. company by market capitalization. Tesla’s market valuation overtook Facebook Inc.’s FB,
Thursday. Tesla added more than $ 105 billion in market value this week alone.
Earlier on Friday, analysts at Evercore ISI upgraded their rating on the stock to hold, sell equivalent, saying they had been “on the wrong side of (Tesla) for over a year now”, they said in a note.
Their neutral position now matches the ratings of 15 out of 37 analysts covering Tesla and polled by FactSet. Of these, 12 have a buy rating on the stock and 10 have a sell rating.
For five years, “we looked at (Tesla) as a ‘growth + premium automobile’,” an ‘attractive’ premium electric vehicle manufacturing company that ‘would grow for a very long time and sell x number of vehicles in the world. x course within a year…. but was still an automaker, ”they said.
Related: Tesla and other electric vehicle makers report record sales, propelling inventories to new heights
“In reality (hindsight and rationalization, never predicted), we think tech / retail investors see (Tesla) as two separate tech companies,” one that is a market leader in electric vehicles and another that offers the technology. driverless car, stationary solar energy storage, battery and powertrain technologies and others.
Moreover, Tesla is “in the best position” to take advantage of any benefit from the climate initiatives of the new Biden administration and a “blue” Senate, analysts at Evercore ISI said.
Inventories of several clean energy companies and associates also rose on Friday, with U.S. certificates of deposit from Chinese electric vehicle maker Nio Inc. NIO,
and shares of alternative energy company Bloom Energy Corp. BE,
among the best winners.
Tesla shares have gained 796% in the past 12 months, compared to gains of around 17% for the S&P 500 Index. SPX,
Tesla was added to the benchmark last month. Sha
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