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Tesla (TSLA) Motors Even Higher

The fastest rising stock on the market is being powered by electricity and strong earnings growth.

Shares of Tesla Motors (NASDAQ: TSLA), maker of electric cars such as the Roadster, Model S and Model X, are up another 2% today and a whopping 150% this year. Much of Tesla’s gains have come in the week since the electric-car company reported its first-ever quarterly profit last Wednesday.

Tesla (TSLA) earned 12 cents a share in the first quarter, quadrupling expectations of 3 cents per share and marking the company’s first profitable quarter since its inception. Sales also improved 83% from last quarter, to $562 million from $306 million.

The stellar earnings have pushed shares up 60% in the last week, accelerating what was already an incredible start to the year for Tesla (TSLA).

Tesla’s profitable quarter gives credence to its standing as a growth company. So does the company’s improving outlook: it now expects to ship 21,000 cars in fiscal 2013, higher than the previous target of 20,000 cars. As demand for Tesla’s electric cars increases, so too will its earnings. Analysts are forecasting EPS of $1.08 in 2014, up exponentially from a projected 5 cents per share this year.

Meanwhile, the stock is approaching large-cap status, boasting a market capitalization of more than $10 billion now. When 2013 began, Tesla (TSLA) was valued at just $4 billion.

Now that it’s finally profitable, Tesla’s growth story may just be getting started.

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