Tesla stock reaches 52-week high

Elon Musk attends the groundbreaking ceremony of the Tesla Gigafactory in Shanghai, east China, on January 7, 2019.

Ding Ting | Xinhua News Agency | Getty Images

Tesla stock reached a 52-week high Wednesday and is on pace to reach its highest closing price ever.

Soon after the market opened Wednesday, Tesla shares shot up about 2.4% to $388.15 per share, surpassing intraday highs reached when CEO Elon Musk sent his infamous “funding secured” tweet in August 2018.

The stock wavered Wednesday just below its intraday all-time high of $389.61 before dwindling slightly. Tesla stock has climbed almost 60% this quarter after the company reported a surprise third-quarter profit.

The stock is on pace for its best quarter since the third quarter of 2013.

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