Tesla’s Trading Volume Spiked 1460% From Its Daily Average During Tuesday’s Record-Shattering Rally (TSLA)

The value of all Tesla shares traded during its massive Tuesday rally was more than 15 times higher than the stock's average aggregate trading volume, according to Bloomberg data.

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The value of all Tesla shares traded during its massive Tuesday rally was more than 15 times higher than the stock’s average aggregate trading volume, according to Bloomberg data.

Nearly $55 billion worth of Tesla shares was traded through Tuesday, dwarfing the $3.5 billion average seen over the past year. The value traded stands at roughly 1,466% higher than the daily average and followed a similarly frantic session on Monday, where nearly $35 billion worth of shares traded hands.

The spike in value-traded was driven by total trade volume and the wide range in stock price through the day. The amount of shares traded that day equaled 30% of all Tesla stock in public markets. The stock traded as low as $833.88 and as high as $968.99, marking an intraday high for the automaker.

Tesla stock has more than doubled since early January as a blockbuster fourth-quarter report and spate of analyst upgrades fuel massive gains. The stock’s gains have also shooed away many of its passionate short-sellers, who saw $2.5 billion in mark-to-market losses on Monday after the stock closed nearly 20% higher. The “short squeeze” driven by traders covering their shorts likely supported the company’s February gains.

Famed Tesla bear Steve Eisman, who was portrayed by Steve Carell in the 2015 film “The Big Short,” told Bloomberg TV on Wednesday he covered his bet against the automaker “a while ago.”

“Everybody has a pain threshold, and when a stock becomes unmoored from valuation because it has certain dynamic growth aspects to it, and has cult-like aspects to it, you have to just walk away,” Eisman said.

The electric car company fell as much as 15% on Wednesday, marking a sizable correction after two days of double-digit jumps. 

Tesla shares at $774.23 per share as of 11:35 a.m. ET Wednesday, up 88% year-to-date.

The company has seven “buy” ratings, 12 “hold” ratings, and 18 “sell” ratings from analysts, with a consensus price target of $470.23, according to Bloomberg data.