What happened

Shares of Tesla (NASDAQ:TSLA) are surging yet again, rising to another all-time high. As of 11:30 a.m. EST on Monday, the stock was up 12%. This put shares at about $730.

The stock's gain follows more bullish commentary from analysts. Two analysts think there's still room for significant share price appreciation in the electric car maker's stock.

Model 3 interior and 15-inch touch display

The interior of a Tesla Model 3. Image source: Tesla.

So what

ARK Invest, an investment firm focused on disruptive and innovative companies, laid out some enormous expectations for the stock over the next four years. Specifically, ARK said it estimates Tesla shares will be worth about $7,000 by 2024.

"Based on our updated expectations for electric vehicle (EV) cost declines and demand, as well as our estimates for the potential profitability of robotaxis, our 2024 expected value per share for TSLA is $7,000," the investment firm said in a note to investors over the weekend. Tesla's robotaxi business is a self-driving taxi service that CEO Elon Musk hopes it can launch in the coming years as it upgrades its fleet of vehicles via over-the-air software updates so that they can become self-driving.

The service, of course, is highly dependent on regulatory approval and is largely considered speculative to any investment thesis at this point. As part of the robotaxi service, Musk expects Tesla owners to be able to deploy their vehicles into the automated fleet and share revenue generated from rides with Tesla.

Meanwhile, Argus analyst William Selesky boosted his 12-month price target on the shares from $556 to $808, citing the company's strong fourth-quarter results, management's forecast for more than 500,000 deliveries this year, and Tesla's leading position in the fast-growing EV market.

Now what

As Tesla shares increase in value, investors should keep in mind that the market is already pricing in an increasingly rosy future for the company. Nevertheless, the company's strong fourth-quarter results do highlight an accelerated pace of execution -- enough to create a better bull case for its long-term prospects.