Tesla blows past its old closing high of three years ago

Tesla (NASDAQ:TSLA) closed at $424.77 to blow past the prior all-time high closing price of $409.97 on November 4, 2021. Notably, the rally in 2021 was followed by a drop of more than 70% for the electric vehicle stock over the next 18 months.

The strong bullish vibe on Tesla (TSLA) is tied closely to the view that the Elon Musk-led company will benefit from a Trump Administration that will be friendly to the process of securing autonomous vehicle approvals as it looks to grow the robotaxi fleet rapidly over the next two years.

Wall Street is cautious on Tesla (TSLA), with the average price target at only $259.66. Meanwhile, Seeking Alpha analysts have been leaning more bearish over the last two weeks, with 6 out of 8 new ratings on the EV stock being either Sell or Strong Sell.

The next big reveal from Tesla (TSLA) will be its Q4 deliveries report, due out during the first few days of January. The report could throw a spotlight back on the sluggish growth this year for the EV part of the business.

Tesla (TSLA) is currently the 8th largest company traded in the U.S. by market cap, but has been rapidly closing the gap on Meta Platforms (META) in 7th place on the list.