Tesla (NASDAQ: TSLA) is well on its way to record its longest streak of winning days as a publicly-traded company. If Tesla closes in the green on Friday, the company would post positive gains for eleven straight days, a feat that has never been accomplished by the Silicon Valley-based automaker since June 2010.
Tesla’s stock price has doubled in the last two months, having traded at $361.22 on March 18.
At the time of writing, TSLA shares are trading at $760.00, a nearly 2% gain in mid-day trading. In the company’s short but rich history as a publicly traded company, TSLA’s record streak currently stands at ten consecutive days, MarketWatch reported. This took place from May 3 to May 16, 2013.
TSLA has so far exhibited a growth of 83% this 2020. The company’s stock saw a slow and steady growth at the tail end of 2019, but 2020 provided the electric carmaker with its most significant boost yet. As deliveries of the Chinese Model 3 started in January, TSLA stock skyrocketed. After reaching its peak on February 19 by spiking to $917.42, the company felt the effects of COVID-19, invoking a steep dive. However, TSLA has managed to string together winning days and regain much of its value as of late.
Eleven consecutive winning days aside, what’s even more impressive is the fact that Tesla is gaining market value at a time when the company is not currently building cars in the United States. The company is not pumping out energy solutions at its Giga New York production facility in Buffalo, either. Tesla plans to reopen both facilities on May 4.
However, Tesla’s production plant in China, known as Giga Shanghai, has picked up its production rate and is currently in the process of expanding as well. Tesla China has not only started offering additional variants of the Model 3, but it also has opened up a shop for parts and apparel for Chinese customers on a site owned by e-commerce giant Alibaba.
Tesla has managed to defy all odds in Q1 and is showing the potential to once again disappoint the company’s short-sellers during the first days of Q2. After Wall Street anticipated a delivery number between 75,000 and 80,000 vehicles, Tesla managed to top the estimates by giving 88,400 vehicles to buyers during the first three months of the new year. The company’s Q1 2020 earnings call will take place on April 29.
Tesla has gained the approval of firms like Goldman Sachs and Credit Suisse, both of whom have switched ratings of the company’s stock and raised its price targets.
Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.