The good news keeps on coming for Tesla Motors (tsla).
On the same day CEO Elon Musk launched online ordering for the Model S and Model X vehicles in Dubai, shares for the electric carmaker rose 4% in trading Monday. This breaks through Tesla’s all-time closing high in July 2015, going from $280.02 to $280.60. Overall, Tesla’s shares are up 31.5% year-to-date.
This recent spike, though, isn’t pegged to any clear news item, CFRA’s Efraim Levy told Fortune.
The company has created quite the positive buzz ahead of its Feb. 22 earnings call: Tesla recently announced plans to shut down a California plant in preparation of its mass-market Model 3 launch. This is a signal to investors that Model 3 production is on track despite critics who have suggested Tesla won’t be able complete its Model 3 goals with its current level of funding.
A team of Oppenheimer analysts led by Colin Rusch is more optimistic about Model 3 production, adding that it “would not be surprised to see Tesla opportunistically raise capital to support medium- and long-term growth” as a result.
Both Oppenheimer and Levy have a “hold” rating on the company.