Tesla's Market Cap Reaches Record High at $65 Billion USD

Following better-than-expected third-quarter results.

Automotive
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Tesla‘s market cap has hit its all-time high since its gone public, and as of Wednesday, it settled at around $65 billion USD. This has put Tesla at a higher market cap than competitors Fiat-Chrysler and Ford combined. Although Tesla stock has yet to cross the all-time-high price of $385 USD per share, several market watchers call the feat impressive for Tesla given its tumultuous year.

After Tesla outperformed Wall Street estimates for its Q3 2019 earnings at $6.3 billion USD in revenue and earnings per share in $1.91 USD, the company began to see further success. Originally, analysts predicted Tesla to post a loss of $0.46 USD per share. The stock has barely slowed down since the results, and now the electric automaker has outpaced General Motors to become America’s most valuable automaker as well as the world’s third-most-valuable carmaker.

Despite the success, several analysts are still skeptical of Tesla. Oppenheimer analyst Colin Rusch’s target price of Tesla stock is $385 USD, almost 10 percent more than where it’s trading right now, according to the CNN Report.

In other Tesla news, the company has finally unveiled its CyberTruck.

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