The stock has increased by more than 40% over the current 10-session stretch of gains
Tesla has added about $250 billion in market capitalization over the past 10 trading days.
Tesla Inc.'s stock cruised Tuesday to clinch its longest winning streak in more than a year and close at its highest level since October.
The company's stock rose 3.7% in Tuesday trading to log its 10th session in a row of gains - its longest stretch of consecutive increases since it rose for 13 trading days in a row during a period that ended last June, according to Dow Jones Market Data.
Over the latest 10 sessions, the stock is up 43.7%. That makes for Tesla's best 10-day period since it rose 48.1% during the stretch that concluded Feb. 2, 2023.
Tesla shares ranked as the third best performer in the S&P 500 on the day, and they placed second among the most active names during the session. The stock's $262.33 close is its highest finish since it clocked in at $262.99 on Oct. 11, 2023.
Momentum for Tesla's stock has reversed course in a big way lately. The stock had been posting sharp year-to-date losses for much of the first half of the year, and it was still in negative territory when the first half wrapped. Now, Tesla shares are up 5.6% on the year - although that performance still ranks as the worst among the so-called Magnificent Seven group of technology-themed stocks.
Tesla's market capitalization has swelled by about $250 billion since the stock began its current winning streak. Those gains are more than the entire market capitalizations of any automaker besides Toyota Motor Corp. (JP:7203), according to Dow Jones Market Data.
The electric-vehicle maker posted better-than-expected delivery numbers at the start of July, which helped further the stock's momentum.
"With vehicle sales recovering [quarter over quarter] and the company reducing inventory in the channel, we see [Tesla] executing on critical elements of keeping the business healthy," Oppenheimer analyst Colin Rusch wrote on Tuesday.
Still, he kept a measured view on the stock, noting that while "bulls will likely point to energy storage sales strength, which we see passing $3 [billion] in the quarter, and the potential for its Model 3 refresh and Model 2 to help the company return to vehicle growth," he thinks bears will laser in on margins and Tesla's inability to monetize its Full Self-Driving feature.
"We believe the value of its FSD/AI platform is the key to whether shares will continue moving higher or begin to moderate again," Rusch wrote as he reiterated his perform rating on the stock.