tl;dr
Shares of Tesla (TSLA) have dropped 3.7% on Wednesday, making it the worst performing stock in the S&P 500 index for 2024. The stock is down -31.2% on a year-to-date basis and trades lower by 57.1% from its all-time high in November 2021. Wells Fargo has cut Tesla to its lowest rating, citing potent...
Shares of Tesla (TSLA) have dropped 3.7% on Wednesday, making it the worst performing stock in the S&P 500 index for 2024. The stock is down -31.2% on a year-to-date basis and trades lower by 57.1% from its all-time high in November 2021. Wells Fargo has cut Tesla to its lowest rating, citing potential bottom line impacts from more price cuts. However, Tesla now trades in oversold territory according to its relative strength index. For investors interested in Tesla, diversifying exposure through exchange traded funds (ETFs) may be an option, as the company is owned by 353 ETFs, some of which have significant portfolio weightings in TSLA. Notably, The Meet Kevin Pricing Power ETF holds an 18.30% weighting in TSLA, with other significant weights in Vanguard Consumer Discretionary ETF, Consumer Discretionary Select Sector SPDR Fund, Fidelity MSCI Consumer Discretionary Index ETF, and ARK Autonomous Technology & Robotics ETF.
More about Tesla Inc
Key Financial Metrics:
- Revenue: $96.77 billion
- Operating Income: $2.05 billion
- Net Income: $721 million
- Earnings per Share: $0.35
Stock Performance:
- Current Stock Price: $565.43
- 52-week High: $900.40
- 52-week Low: $204.59
Market Sentiment:
Tesla Inc. has seen strong sales in the electric vehicle market and has established itself as a major player in the clean energy sector. The stock price has experienced significant volatility over the past year, reaching a high of $900.40 and a low of $204.59. The company's financial metrics show solid revenue and operating income, although the net income and earnings per share are relatively lower. Overall, market sentiment towards Tesla Inc. remains positive, with potential for growth and innovation in the electric vehicle and clean energy industries.
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