Yes. While this may sound like a shock, it isn’t one. Tesla has been having its best week since a very long time and this could be reasoned due to earnings and the momentum the stock has had from the start of the year. 

Tesla stock got drilled last year when it hit lows of around $110-120. The stock tumbled a bit in January as well when it reach its lowest of $101, and yesterday the stock closed at $177, or up 11%. $TSLA has gained 33% in the past 5 days and well January hasn’t even ended yet.

This momentum for the stock was much required by the investors of Tesla because of how bad the breakdown went in 2022. Even though the stock is trading 70% up YTD, it still has a long road to recovery to reach its normal levels of $280-$320 which investors saw in 2022. But given the recent momentum, not just from the company, but the positive response from the economy also helped to boost the markets which eventually helps the stock push itself further. 

Analysts and institutions across board are raising their Price Targets for Tesla and Morgan Stanley has even said Tesla will be the stock of the year. Investors and shareholders across the board are more confident than ever about the company’s performance and of course they are pretty happy with the man himself, Elon Musk.

After this recent gain, Tesla climbs back to its valuation of $560 Billion. Up almost $200 Billion from its lowest of $350 in 2022. Musk retains his position as the second richest person in the word, behind LVMH’s Bernard Arnault.

Obviously, investors did expect a rise like this from $TSLA in 2023, but no one knew it would come in the first trading month of the year and a rally this big, no one knows where the stock is headed next, it could be $300, $400 or maybe even $500!