What happened

Shares of Tesla (NASDAQ:TSLA) are continuing their upward momentum this week. The stock soared past $600 to a new all-time high, pushing the electric-car maker's market capitalization to almost $600 billion. Shares rose as much as 5.2% on Monday but were up about 4.5% as of 11:30 a.m., with the stock trading at about $626.

The stock's rise is likely a continuation of momentum higher in recent weeks as well as a bullish day in the market for many growth stocks like Tesla.

A stock price rising higher

Image source: Getty Images.

So what

Shares of Tesla have risen more than 45% during the last month. Much of the momentum has been spurred by news that the stock is set to be included in the S&P 500 this month. Several analysts have also recently boosted their price targets for the stock. One analyst last week set a 12-month price target of $780.

Also helping Tesla stock on Monday is likely a continued strong appetite from investors for growth stocks. Many growth stocks -- particularly megacap growth stocks like Netflix, Shopify, and Facebook -- were up 1.5% or more as of this writing.

Now what

Tesla stock's momentum in recent weeks adds to a wild run-up over the past year. The stock is now up more than 800% over the past 12 months. Investors have applauded the company's strong growth in vehicle deliveries, its achievement of substantial positive free cash flow, and Tesla's continued expansion with the launch of new factories in Berlin and Texas this year.

For the full year, Tesla is aiming to deliver 500,000 vehicles -- up from 368,000 in 2019. In 2020, analysts expect revenue growth to accelerate.

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