Today Tesla Motors’ stock joined the ranks of the largest non-financial companies on the NASDAQ 100 Index.
The addition of TSLA follows the exit of Oracle (ORCL) which is moving to the New York Stock Exchange, and Tesla’s valuation now makes it eligible to take a spot on the elite list.
The NASDAQ 100 Index is not to be confused with the broader NASDAQ Composite Index, and it is a subset of it.
Companies including Apple and Starbucks are among the list of top performers included, and each is given a “weight.” With the inclusion of Tesla, the weights will be rebalanced for 99 other companies, and Tesla is going from nothing to something on this list.
As an index, the NASDAQ 100 is automatically purchased and held by institutional buyers, particularly index funds that must hold a balance of the NASDAQ 100 as part of
their standard portfolio.
Currently at 12:34 Eastern time, TSLA is down 0.471 at $129.429 per share and has seen a high today of $133.03. On Friday the $129 mark was a new all-time high.
Within the past 52 weeks, TSLA has traded as low as $25.52 per share, but has been rising phenomenally in recent months. A high of $133 is more than five times the low mark seen in the past year.