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Tesla (TSLA) shares hit all-time high

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Tesla CEO Elon Musk gestures as he visits the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021.

Patrick Pleul | Reuters

Tesla shares closed at an all-time high of $909.68 on Friday, two days after the company reported record revenue and profits in the third quarter.

The move marks the first time since January the company made an intraday record. Shares surged above $900 a share shortly after market open.

Tesla’s strong earnings results stemmed from improved gross margins of 30.5% on its automotive business and 26.6% overall. The stock dropped under 2% in after hours trading on Wednesday.

Tesla’s market cap stood at roughly $860 billion at market close.

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