Less than a month after Tesla’s stock first rose above $400, the company’s shares have now soared past $500 per share. As I write this, one share of Tesla stock is worth $516, which means the company as a whole is worth more than $93 billion.

The latest rally was sparked by a new report from Colin Rusch, an analyst at the Wall Street firm of Oppenheimer & Co. He revised his Tesla price target upwards from $385 to $612. But more fundamentally, the rising stock price reflects the fact that, after a couple years of near-constant chaos, the company seems to finally be executing smoothly.