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Tesla (TSLA) Stock Has Already Doubled in 2020

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Electric car maker Tesla (TSLA - Free Report) is having a really good year so far. Since January 1, shares have skyrocketed over 100%, and on Monday alone, TSLA climbed 19.9%; this is the stock’s biggest one-day return in six years.

TSLA’s big run has been fueled by analysts raising price targets just to keep up with the stock. The average 12-month price target is $493 per share, which is more than 40% below where TSLA traded in premarket trading on Tuesday.

Shares have also benefitted by something called a “short squeeze.” If enough short-sellers buy at the same time, it can create high demand and drive shares even higher. Short-sellers, however, are down over $8 billion since the start of the year betting against TSLA.

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