July 2: Tesla stock skyrocketed yet again after the company’s Q2 deliveries smashed consensus estimates. Tesla said it delivered 90,650 vehicles during the second quarter, representing a 28.9% beat over the consensus Q2 deliveries number of 70,328.

The automaker delivered just 88,496 cars during the first quarter, which means it managed more deliveries during a quarter when its factory was shut down much of the time.

Tesla reveals Q2 deliveries numbers

The automaker delivered 80,050 Model 3 cars and Model Y SUVs, which was a little more than Canaccord Genuity's estimate of 77,742 but well above the consensus of 61,759. Tesla delivered 10,600 Model S sedans and Model X SUVs, which was far above the consensus of 8,569 and a little above Canaccord Genuity's 10,000 estimate.

Analyst Jed Dorsheimer noted that his price target for Tesla stock is now well underwater at $650 a share. Following Tesla's Q2 deliveries report, its stock soared above $1,200 a share. Dorsheimer rates Tesla stock at Hold, and he said the delivery surprise now has him reviewing his price target and rating.

He said in a report today that the strong delivery numbers show that Tesla has been able to manage quite well through the COVID-19 pandemic. The automaker had to shutter its factory temporarily during the pandemic, although production is back up and running. Musk clashed with local officials over the shutdown of the factory in Fremont, Calif. Dorsheimer also said the report quiets the main concern he had when he downgraded Tesla stock from Buy to Hold.

CNBC reports that Ford, General Motors, Toyota and Fiat Chrysler all saw their Q2 sales plummet by over 30%, so Tesla's increase in deliveries is widely seen as a great feat showcasing the automaker's strength compared to its competitors. Tesla CEO Elon Musk sent an email to employees earlier this week congratulating them on their "amazing" execution "in such difficult times."

Tesla stock skyrockets

Tesla stock opened at around $1,221 today and soared to a high of $1,228 per share following the Q2 deliveries report. The shares are up more than 180% so far this year, and 80% of that gain has occurred within the last three months, according to data from Yahoo Finance Premium. Over the last 12 months, Tesla stock is up more than 400%, according to TheStreet.

Wedbush analyst Daniel Ives told Yahoo Finance's The First Trade, "It's Tesla's world, and everyone else is paying rent."

Just before Tesla released its Q2 deliveries numbers, Ives reiterated his Street-high $1,250 price target on Tesla stock. His bull case is $2,000 per share. The only other analyst who has a higher price target is Ark Investments' Cathy Wood.

TheStreet's Jim Cramer proclaimed that Tesla is a tech stock rather than a car stock. Although he has previously said he doesn't weigh in on cult stocks, he sees Tesla as a buy because it is a tech stock.