Tesla stock surged this week and set a record on SoFi as the platform saw 20 times more trades than usual for Elon Musk’s brainchild. Investors flocked to the stock-trading and EFT investing platform and Tesla saw its biggest one-day gain over the past six years when it closed 19.9 percent higher than the previous trading day.
Tuesday was also one for the records as Tesla stock hit an intraday high of $968.99 per share. In all, 50 million Tesla shares exchanged hands on Tuesday, representing the largest single day of trading for Tesla. The electric car maker passed up Apple and became the number one holding on SoFi.
By Wednesday, Tesla became the largest dollar amount of securities purchased and sold on SoFi. By the end of the day, however, shares fell 17 percent overall. Still, Tesla was the most purchased stock for six days running. Late-week trading was more relaxed on Tesla. Shares were only up by 5 percent on Thursday. Overall for the past year to date, Tesla’s stock has been up by 88 percent.
SoFi is popular among the 25 to 40-year old crowd. Investors also took advantage of the newest trend to hit trading – the purchase of stock bits, or fractions of a share. SoFi was one of the first to begin to offer fractional trading last July. Robinhood, Square, and Charles Schwab have been the latest trading platforms to follow suit and offer fractional trades.
So far, Tesla shares have doubled this year. Analysts have raised their price targets, including Ron Baron, a long-time Tesla investor. Baron previously forecast that Tesla will bring in at least $1 trillion in revenue over the next decade.