The rapid acceleration of Tesla Motors (NASDAQ:TSLA) continued Tuesday when shares of the electric car maker reached another all-time high, following the news that it will soon be added to the Nasdaq 100 index.
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Shares have quickly risen since the end of March, when Tesla indicated that sales of its flagship Model S sedan were beating targets and a first-quarter profit was in order. In May, Tesla launched a share offering and used some of the proceeds to repay a $452 million federal loan it received in 2010.
On Tuesday, Tesla was up 2.6% at $124.76 in early afternoon trading. The stock hit an all-time high of $125.00 early Tuesday morning.
Palo Alto, Calif.-based Tesla will replace Oracle (NASDAQ:ORCL) in the Nasdaq 100, an index of the 100 biggest nonfinancial stocks, when the business software giant moves to the New York Stock Exchange. Tesla has a market value of about $14.2 billion.
The switch will take place before the market opens on July 15.