PALO ALTO (CNN) — Tesla’s stock soared on Tuesday, continuing a remarkable rally in which the stock has soared for days, weeks and months.
The company’s stock rose as much as 20.5%, trading as high as $940. That valued Tesla at about $170 billion.READ MORE: Berkeley Officials To Consider Making VP Harris' Childhood Home A Landmark
Over the past two days, Tesla’s stock is up 40%. This year, it has more than doubled. And Tesla shares have jumped 233% in the past six months. That momentum is dialing up the pressure on investors shorting the automaker’s shares.
Driving the gains is increasingly bullish sentiment from Wall Street analysts, who are looking for the company’s new plant in Shanghai to drive growth.
Solid earnings from Japan’s Panasonic, which supplies Tesla with batteries, also provided a boost, according to Reuters.READ MORE: SF Man Found Fatally Shot Early Saturday Near Oakland's Lake Merritt
Toyota is now the only carmaker in the world more valuable than Tesla, even though of the top 10 auto manufacturers, Tesla makes up only 2% of total revenues, according to Bespoke Investment Group.
The company’s stock is the most shorted in the United States — though those betting it will fall have had a tough year, because if the shares rise before they can cash out they have to buy the shares at the higher price to cover their position.
Tesla short sellers have lost more than $8 billion on paper so far in 2020, according to S3 Partners, a financial analytics firm, and $2.5 billion on Monday alone.MORE NEWS: Counties Across California Want Out of Blue Shield-Administered Vaccine Program
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