Tesla Motors Inc (NASDAQ:TSLA) stock just keeps surging! The company’s shares hit a new high of over $185 today before dropping down to a closing price of $183.39, which is $5.47 higher than yesterday’s closing price. Tesla’s market cap is now above $22 billion.
One of the recent driving forces for the company’s stock increase is a report that Deutsche Bank upped their price target of Tesla Motors Inc (NASDAQ:TSLA) to $200. A Deutsche Bank analyst reported a Buy because of the company’s expectations for the upcoming earnings report. The company’s gross margins are predicted to hit 19% for the current quarter and 20% for the December quarter, according to ValueWalk.com.
Analysts also cited the increasing demand for Tesla vehicles in the United States and Europe. The stock price was as low as $163.68 as of Tuesday morning so it went up nearly $20 (or about 11%) in 3 days. Tesla’s stock is up about 440% as a whole for this year so far.
Another trigger for the company’s stock was that Tesla Motors CEO Elon Musk reported that they have a goal of making a vehicle that is 90% autonomous within the next 3 years.
About a week ago, Musk said in an interview that shorting the company stock is probably not a good idea.