tl;dr
Tesla's stock closed 12.1% lower on Thursday, marking the fourth consecutive decline following an earnings report and the largest daily drop in over a year. The stock now trades below its 50-day, 100-day, and 200-day moving averages and is down 26.5% for the year. Analysts expressed concern over Tes...
Tesla's stock closed 12.1% lower on Thursday, marking the fourth consecutive decline following an earnings report and the largest daily drop in over a year. The stock now trades below its 50-day, 100-day, and 200-day moving averages and is down 26.5% for the year. Analysts expressed concern over Tesla's revenue growth outlook, lack of a clear 2024 outlook, and potential loss of premium for next-gen businesses. Deepwater Asset Management's Gene Munster and Wedbush Securities analyst Dan Ives highlighted these issues, while HSBC analyst Michael Tyndall warned about the uncertainty surrounding Tesla's future valuation. Seeking Alpha analyst Jonathan Weber went so far as to suggest that Tesla is a sell, citing weak profit trends and stagnant growth. Despite this, Tesla still holds a Hold rating based on Seeking Alpha Quant Rating, with a strong factor grade for profitability offset by low grades for valuation and momentum.
More about Tesla Inc
Tesla Inc, ticker symbol TSLA, is an American electric vehicle and clean energy company with a market cap of $660.67 billion. The stock is currently trading at $67.04, with a 52-week range of $30.28 to $226.81. Tesla had a strong performance in 2020, capturing 16% of the plug-in market and 23% of the battery-electric market. The company is also a major installer of solar photovoltaic energy generation systems and one of the largest global suppliers of battery energy storage systems. Despite its strong market position, it's important to note that Tesla's stock has been volatile and subject to significant fluctuations. As a technical analyst, it's crucial to consider potential risks and uncertainties associated with the stock, as past performance is not always indicative of future results.
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