Tesla Shares Blow By $300

Tesla Inc TSLA shares are trading higher by $4.00 at $302.52 in Tuesday's session. That comes on top of Monday's $20.32 gain.

The stock is $56.00 higher from its February 27 close ($246.52) and an astonishing $124.00 from its November low of $178.19. Not bad for a company that forecasts to produce 50,000 vehicles in the first half of 2017.

At this point, investors are banking on the company being much more than an automotive producer as it has no definable price-to-earnings ratio and is on track to have an annual income of $(675) million. Its tangible book per share price comes in at $26.817.

None of that seems to matter to retail and institutional investors as they drive the price higher and higher. The most recent institution was Tencent Holdings, which reported a passive 5 percent stake as of March 24.

After a lower open today, Tesla's stock had a brief decline to $294.53 before continuing its move higher. It has easily surpassed its former all-time high made Monday at $299.00, so far reaching $304. In order to post a new all-time closing high, it will need to end the day above Monday's closing price of $298.52.

See Also:

Tesla's Stock Still Has 'Food On The Table,' Technical Analyst Says

Tesla's Q1 Delivery Figures Boost Shares Over $292, But Baird Is Targeting The $368 Handle