Tesla's run is giving at least one Wall Street pro a case of deja vu.
Tesla Inc. is on a tear. Not just any ordinary tear for shares of a popular company whizzing to records on Wall Street. The ascent for shares of the electric-vehicle maker are near-parabolic and the unabashed run-up in recent days has some investors comparing the jump to bitcoin’s surge back in 2017.
By comparison, the technology-laden Nasdaq Composite Index COMP, -0.54% , which has outperformed the S&P 500 index SPX, -0.54% and the Dow Jones Industrial Average DJIA, -0.94% , has gained a pedestrian 12.3% in the past three months, 5.5% so far this year and nearly 30% since early June.
But his bitcoin BTCUSD, +0.93% comparison may not be too way off. Back in early 2017, bitcoin surged from around $885 to $19,783 by November, a whopping 2,100% increase.However, on the bright side, it is still up at $9,140, which may be cold comfort for those who bet on further gains in the No. 1 digital asset in the world.
“Tesla is 0.7% of the weight in the Russell 1000 but accounts for 15% of [year-to-date gains],” he wrote in a Tuesday research note.
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