Shares of Tesla cleared $200 on Thursday as the stock continues to obliterate losses from the past year.
In 2023, shareholders for the automotive, artificial intelligence, and clean energy company watched the stock price nearly double after hitting a 52-week low of $101.81, on Jan. 6.
In an interview with FOX Business, Edward Moya, a senior market analyst for OANDA in New York said, “Wall Street still has its doubts about growth but is very optimistic that the worst is over for some of the more beaten-up tech stocks.”
“Tesla’s rally can’t be stopped right now as investors remain upbeat about growth in the EV space and on the global economic outlook for Europe and China,” he added.
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Since hitting its low point last month, Tesla stock has rallied nearly 90% through Wednesday.
Currently, the stock has been up eight consecutive days; up 26.99% over this period to notch the longest winning streak since July 22, 2022, when it rose for eight straight trading days.
Also on Thursday, Tesla is the most active stock in the S&P 500 and Nasdaq 100 and is the second-best performer in the tech-heavy index, as tracked by the Dow Jones Market Data Group.
The last time Tesla stock closed above $200 was Nov. 4, while the last time shares reached $200 was on Nov. 15.
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Tesla’s most recent earnings report and changes in the federal government’s electric vehicle tax credit are helping shares.
Elon Musk’s company said it generated about $24.32 billion in fourth-quarter revenue, marking a 37% increase from the same three-month period last year. The company’s profits saw a roughly 59% jump from 2021’s Q4 to $3.7 billion, while its earnings per share came in at $1.19.
Refinitiv estimates for revenue and EPS were $24.16 billion and $1.13 respectively, meaning Tesla came in higher on both.
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Last week the carmaker reversed course on its price cuts for the Model Y after a surge in demand and after the Biden administration’s decision to loosen regulations on electric vehicle tax credits.
In January, Tesla slashed the price of its baseline Model Y Long Range to $53,490 and Model Y Performance to $56,990.
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The Model Y Long Range is now priced at $54,990 and the Model Y Performance will now cost $57,990.
All Teslas in the Model Y line are eligible for the tax credits under the Treasury’s latest restrictions.
Additional reporting by Aislinn Murphy and Timothy Nerozzi.