On Wednesday, Tesla stock rallied as much as 7% in early trading.
According to Business Insider the boost comes after the company revealed a five-for-one stock split scheduled for August 28.
Every Tesla shareholder will receive four additional shares that, when added to their existing share, will equal the stock's pre-split value.
The split itself won't change Tesla's market cap.
However, it may pull in smaller investors who couldn't previously afford shares.
The stock closed above $1,370 per share on Tuesday.