Tesla Stock Hits All-Time Highs After $5 Billion Offering

The electric car maker Tesla, Inc. (NASDAQ: TSLA) is currently trading at a $610 billion dollar valuation.

The company’s stock has climbed seemingly no matter what for the past year. The record growth makes it one of the fastest-growing stocks of the year, skyrocketing from a $75 billion valuation last December.

Monday, the company climbed to new record highs closing the day at $642 per share.

That’s an increase of about 670% year to date.

Overnight, the company announced a new stock offering, which increases the supply of shares and often sends stocks lower. TSLA stock opened the day at $626 per share, a 2.5% decline.

After continuing to sell off this morning, reaching a low of $619 per share, the stock has climbed into new record territory. At writing, it’s trading near $646.

One analyst, Dan Ives of Wedbush, called the offering a “clear positive” and increased his target price from $560 to $1,000 per share.

Tesla, which has been profitable for the last five quarters, was added to the S&P 500 this month.

Tesla is no stranger to raising capital — this is its second $5 billion offering in the past three months.

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