Market Extra: Tesla’s surging stock is starting to remind Wall Street of bitcoin’s parabolic rally in 2017. Here’s why

Market Extra: Tesla’s surging stock is starting to remind Wall Street of bitcoin’s parabolic rally in 2017. Here’s why

Tesla's surging stock is starting to remind Wall Street of bitcoin's parabolic rally in 2017.. Not just any ordinary tear for shares of a popular company whizzing to records on Wall Street.. The Silicon Valley darling run by Elon Musk has jumped 180% in the past three months and from its June 3 closing low at $178.97, the company's shares have gained more than 395%.. , has gained a pedestrian 12.3% in the past three months, 5.5% so far this year and nearly 30% since early June.. Read: Tesla Stock Jumped 20%.. Tesla's outsize gains, predicated partly on more bullish calls from analysts and better quarterly results from the vehicle maker, have raised eyebrows among some Wall Street investors worried that gains have come too far, too fast.. At least one, Wall Street pro Michael Novogratz, compared the surge in Tesla to bitcoin's similarly parabolic move.. Prominent analyst Tom Lee of Fundstrat said that some of Tesla's gains may be attributed to investment managers in the Russell 1000 Growth. adjusting their portfolios to line up better with Tesla's weight in that index.. "Tesla is 0.7% of the weight in the Russell 1000 but accounts for 15% of [year-to-date gains]," he