Tesla stock hits all-time intraday high

Tesla’s flagship Elon Musk at the Tesla Gigafactic construction site in Gruenheide near Berlin, September 3, 2020.

Patrick Plull | Photo alliance | Getty Images

Tesla stock reached an all-time high on Thursday, briefly trading at $ 507.76 per share.

The S&P Dow Jones Indies announced this week that it would include the carmaker in the benchmark index before trading on Monday. Money managers with funds tracking 21 and the S&P 500 will need to buy. Stock for their departments.

Morgan Stanley on Wednesday upgraded Tesla from a buy-equivalent to an overweight rating as the company put a buy rating on the stock, raising share prices.

“Tesla is on the verge of making a huge change in revenue from selling cars to generating higher margins, recurring software and services,” Morgan Stanley auto analyst Adam Jonas said in a note on Wednesday. The firm took its price target from $ 360 to $ 540.

Tesla recently reported a third consecutive quarterly profit in third quarter revenue of $ 8.77 billion. The company also reported that it delivered 139,300 vehicles during the third quarter, a new record for it.

The company’s stock is up over 490% to date.

Michael Bloom of CNBC contributed to this report.

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