Tesla Inc.'s TSLA shares jumped 11.6% higher in the after-hours session, trading at $648.50 on Wednesday after closing the regular session at $580.99.
What Happened
The surge comes as the electric vehicle maker beat Wall Street estimates on its fourth-quarter earnings.
The Elon Musk-led company posted earnings per share of $2.14 on its stock, beating analyst estimates of $1.72.
Tesla crossed the $600 mark for the first time ever in its history this session and peaked at $654 before dropping slightly.
Tesla's stock has seen a continuous rise since it posted better-than-expected numbers in the third quarter last year. The stock is up nearly 155% since the close on October 23, ahead of its Q3 earnings report.
The Palo Alto-based company crossed $100 billion in valuation last week, and now has a market capitalization larger than any other automaker in the world, ahead of Germany's Volkswagen AG VLKAF.
New Street's Pierre Ferragu raised Tesla's price target to $800 from an earlier $530, causing the stock to surge. He reiterated the same stance in an interview with Bloomberg on Wednesday.
Tesla has also given a positive outlook of the future, particularly on the back of the fast growth in China it has seen ever since making an entry late last year with the Model 3 sedan, its first vehicle made in the country.
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