Shares of (NASDAQ: TSLA) seem to mostly move in only one direction recently: up. The growth stock received another big boost on Tuesday as electric vehicle company Rivian Automotive said it is adopting Tesla's North American Charging Standard (NACS).

In total, Tesla's stock is up an astounding 49% over the last 30 days. With such a sharp rise, shareholders are in a bittersweet position in which they're likely extremely pleased with their gains, but may have doubts about whether or not they should continue to hold shares of the stock. With Tesla stock trading so much higher than it was just a few weeks ago, it's a good time to review the growth stock's valuation and the underlying business to see if investors should take some profits off of the table.

Investors seem to be viewing manufacturers' willingness to adopt Tesla's charging standard as a tipping point for electric vehicles and evidence of Tesla's leadership in the space. Rivian's move to enable its vehicles to access Tesla's charging network, starting next year, follows similar moves from General Motors and Ford Motor Company in recent weeks.

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Source Fool.com