Tesla Motors Inc (TSLA) Hits Record $191+ Per Share
At around 1PM today, Tesla Motors Inc (NASDAQ:TSLA) hit a record $191.28 per share. This is the first time that Tesla crossed $190 per share. Tesla Motors Inc (NASDAQ:TSLA) now has a market cap of over $23.15 billion. In comparison, General Motors has a market cap of about $54.3 billion and Ford Motor Company is at about a $68.5 billion market cap. In the last year, Tesla’s stock was trading as low as $26.86, making the electric vehicle company truly a “cult stock.”
Yesterday, we reported that car rental company Hertz will let consumers rent Tesla Model S and Tesla Roadsters at airports in California. Earlier this week, it was also reported that Wedbush Securities upgraded their price target for Tesla Motors Inc (NASDAQ:TSLA) from $150 to $180. On September 23rd, Tesla Motors announced on Twitter that they have hit over 3.2 million Supercharger miles. All of these factors can be taken into consideration as proof that the company is not showing any signs of slowing down.
Last week, General Motors Company CEO Dan Akerson said that they have plans to take on Tesla Motors Inc (NASDAQ:TSLA) directly under the Cadillac brand. Akerson praised Tesla for being able to build a brand in a market where other major electric vehicle brands have been struggling like Fisker. “Am happy to hear that GM plans to develop an affordable 200-mile range electric car. Right target. Hope others do same,” stated Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk when he heard that GM was getting serious about the electric vehicle market.
About a week ago Deutsche Bank upped their price target for Tesla Motors Inc (NASDAQ:TSLA) to $200 from $160. Deutsche Bank’s Dan Galves said that price target was increased due to Tesla’s margins and strong demand for their vehicles.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry