(Bloomberg) -- Aston Martin Lagonda Global Holdings Plc surged as much as 25% in an unusual rally that some analysts attributed to a short squeeze. 

Analysts also speculated that Fernando Alonso’s surprise third-place finish for the Aston Martin Racing team at the Bahrain Grand Prix this weekend may also be benefiting the stock. 

Shares of the luxury car maker have been spiking higher for the past few days. The rally, which accelerated on Monday, kicked off last week after the company reported strong results and predicted it’ll be able to ramp up deliveries in the second half as supply chain shortages ease. 

“Could be some shorts covering or generally improved perception on the back of reassuring FY22 results,” said Anthony Dick, an auto analyst at Oddo BHF. “It’s also possible the F1 performance could have something to do with it.” 

Aston Martin executive chairman and largest shareholder, Lawrence Stroll, said strong demand for Aston Martin vehicles is partly due to brand awareness stemming from its Formula One franchise.

“We’ve brought a whole new younger customer to Aston Martin that we never had previously, demonstrated by our success in the Vantage F1 Edition,” Stroll said on a call with analysts last week. Aston Martin launched the Vantage F1 alongside its return to the sport in 2021. 

Spanish driver Alonso signed with Aston Martin in 2022, while Stroll’s 24-year-old son, Lance also races for the team, and finished sixth in Bahrain. The showing means that after the first race, Aston Martin are a surprise second in F1 constructors’ points, ahead of more accomplished outfits including Mercedes and Ferrari. 

Aston Martin Lagonda pared gains to trade at 274.5 pence, up 14%, as of 3:23 p.m. in London, still on track for the highest close since Sept. 9. 

Shares out on loan, an indication of short interest, represent about 11% of Aston Martin’s free float, according to data from S&P Global Market Intelligence as of March 2.

Other analysts told clients to avoid buying Aston Martin at this level. 

“We think shares have run ahead of themselves and we would seek better entry points,” said Jefferies analysts including Philippe Houchois. 

(Updates with further details on Formula One team from fifth paragraph, updates share price.)

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