Celsius Holdings, Inc. (NASDAQ:CELH) has been publicly traded since 2006, but the stock has only recently gained significant traction. Just three years ago, the company was trading at around $4.50 per share; today, it has skyrocketed to nearly $92 per share, a staggering 1945% increase. So, what has fueled this massive multi-year climb?

Celsius' transformation primarily began when their new CEO, John Fieldly, assumed leadership in 2018. As various brands pivoted towards cleaner and healthier options, Celsius brought this trend to the energy drink market, resulting in significant success and attracting investors' attention.

See More: A Healthier Alternative to Coffee & Energy Drinks: Pureboost Gives You Energy Without The Burnout and Exhaustion

Celsius has not only expanded its presence in tens of thousands of stores across the country, but it also recently secured a deal with PepsiCo, Inc. This partnership enables Pepsi to become a distributor of the Celsius brand and includes a $550 million investment from Pepsi.

Considering the company's massive rally, is there still room for growth? Monster currently boasts a $56 billion market cap and approximately ten times the sales of Celsius. This suggests that if Celsius can capture market share from Monster and other traditional giants, there is ample potential for further expansion. However, convincing consumers to switch brands may prove to be a challenge.

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