Behind Tesla’s Mindblowing Rally: A Flood Of Daytrading Robinhooders

The tremendous Tesla rally continued this morning when the stock surged another $50 in early trading, adding another $9BN in value or roughly the market cap of Halliburton, on absolutely no news. In fact over the past week TSLA is now up 50% on absolutely no news.

The early ramp pushed TSLA market cap to a record $265 billion, making it the same size as Home Depot and, as noted yesterday, bigger than Intel, Netflix, Walt Disney, AT&T, Bank of America and almost all other S&P 500 companies.

So what is behind this ramp? Why the usual retail investor flood of course: according to RobinTrack TSLA – which is already the 12th most popular stock on Robinhood – was the most aggressively bought stock on the retail-heavy exchange in the past 24 hours…

… as retail investors just can’t get enough.