• During Thursday’s session the stock reached an all-time intraday high of $2,021.99.
  • The stock has closed at all-time highs in four of the past five trading days
  • The company now has a market cap of $373 billion

Shares of electric automaker Tesla (TSLA) cracked the $2,000 level for the first time ever on Thursday ahead of an upcoming share split.

Tesla shares jumped 6.56% on Thursday to close at $ 2,001.83. During Thursday’s session, shares of Tesla reached an all-time intraday high of $2,021.99.

The stock has closed at all-time highs in four of the past five trading days.

Year-to-date, the stock has soared about 380% amid strong sales and earnings, as well as anticipation the company will soon be added to the S&P 500 index.

Since Aug. 11 — the day Tesla announced a five-for-one stock split — shares have soared by 45.6%. The stock will begin trading on the five-for-one split-adjusted basis on Aug. 31.

The company now has a market cap of $373 billion, surpassing retailing giant Walmart (WMT), which makes it larger than all but seven of the current members of the S&P 500. Tesla shares are also lofty in terms of forward earnings, trading at about 148 times expected earnings.

Ben Carlson, portfolio manager at Ritholtz Wealth Management, noted in a tweet that while Tesla has now surpassed Walmart in market capitalization, Walmart generates annual revenues of $523 billion, versus $25 billion for Tesla.

Morgan Stanley analyst Adam Jonas wrote in a note that Tesla’s market cap is “discounting far more than cars.” Jonas added that Tesla attracts more capital and talent as its valuation keeps spiking.

“Tesla’s performance is seen by some as breathing all the air in the room with respect to the outlook for competing electric vehicle initiatives, particularly amongst legacy players,” Jonas said.

Gary Black, a former Bernstein analyst and former chief executive of Aegon Asset Management and Janus Capital Group, now has a price target of $2,700 for Tesla, Barron’s reported.

“What’s next is anyone’s guess,” Barron’s wrote. “New all-time highs and 52-week highs can often be a positive sign for traders. They can mean a stock has broken through resistance levels when some traders take profits. One the other hand, Tesla is more than 40% above its 50-day moving average. The stock is overbought in Wall Street parlance. That can be a sign shares are due for a correction. A correction to a rising moving average would still leave shares up north of 250% year to date.”

Investors are also looking forward to Tesla’s so-called “Battery Day” on Sept. 22, where the company is expected to unveil new battery technology.

“Investors and analysts will want to hear about battery costs and durability,” Barron’s added. “A battery that can last one million miles would be a win and costs that fall below $100 per kilowatt-hour would be another win.”