The average analyst target price is up about $30 in February, moving it to $380 a share, according to FactSet. That’s the highest target ever for Tesla stock.

Tesla stock is gaining ground following a recent report suggesting that the company could be on track to receive a $400 million contract through the U.S. State Department. However, subsequent developments are casting doubt on whether the deal will actually go through. The stock is also getting a boost from bullish analyst coverage.

Tesla's ( TSLA) beat-up stock has found support on the charts, for now. After a brutal stretch this month that brought the stock's year-to-date decline to more than 30% at one point, Tesla's stock has rallied back above the 100-day moving average, Yahoo Finance data shows. The 100-day moving average is a key measure of longer-term market sentiment.

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Some big tech shares were holding up Wednesday afternoon as inflation data and questions about the path ahead for interest rates weighed on U.S. stocks. Tesla (TSLA), Intel (INTC) and Palantir (PLTR) were recently among the top gainers in the S&P 500,