Jim Cramer: You Should Have Bought Tesla Stock 1,500 Points Ago
Tesla hit a new record high Monday, pushing the value of the clean-energy carmaker past $330 billion, as investors continue to bet that the stock is headed for inclusion in the S&P 500.
Tesla will be eligible for inclusion in the benchmark once it has published four consecutive quarters of profitability, a feat many investors expect when its second quarter earnings are released after the market closes on July 22.
Tesla took a giant step towards that goal last week when its reported stronger-than-expected quarterly deliveries of 90,650 units, a figure that topped Street forecasts even amid a six-week shutdown of the carmaker's Freemont, California production facility and a sharp 34% decline in overall U.S. auto sales.
Tesla's gains, which many are attributing to index-tracking funds purchasing shares ahead of its S&P 500 inclusion, have also attracted the largest-ever amount of cash bet against a stock on Wall Street.
The stock is up over 580% in the past year, trading over $1,700 a share.
Jim Cramer mused that he recommended the stock 1,500 points ago, despite Twitter pushback.
Watch the video above for more and Cramer's breakdown of what he thinks is next for the company and its fearless leader Elon Musk.