Tesla’s (NASDAQ:TSLA) Stock Under Attack, No Market Support
Investors continue to punish Tesla (NASDAQ:TSLA) even as its M3 is becoming 1 of the best-selling sedans in America. The company managed to deliver on its Q-3 projections for the EV, and leading JPMorgan to boost its estimates.
Monday, Tesla’s stock closed at its lowest mark since March 2017, hacking more than $10-B off its market capitalization in a week.
The rout was sparked by an SEC investigation into CEO Elon Musk’s ‘420’ Tweet on taking the carmaker private, that did not happen.
And if that were not enough, Mr. Musk in a Tweet storm last week mocking the SEC regarding short sellers, and an unflattering comparison to Lehman Brothers Holdings Inc. shaved even more value.
Shares extended losses for a 5th session running Monday, falling 4.3% to the lowest in more than 18 months. According to our market filter there is no market support support in here, our target of 150 was met Monday.
And for as much as Tesla likes to make a big deal about how fast its EVs are, it easy to forget that Tesla vehicles are some of the safest cars on the planet.
In light of that, Tesla’s M3 recently received a perfect 5-star safety rating from the National Highway Traffic Safety Administration (NHTSA). The Model 3 received 5 Stars across every tested category, including side crash, frontal crash, and rollover scenarios.
Still, every accident involving Tesla tends to be front-page news, a dynamic which Tesla CEO Elon Musk abhors. “It’s super messed up that a Tesla crash resulting in a broken ankle is front page news and the 40,000 people who died in US auto accidents alone in past year get almost no coverage,” Mr. Musk quipped via Twitter a few months ago.
It seems the Tesla cannot get a break under Mr. Musk’s guidance.
Tesla is currently trading at 254.98 +4.42 (1.76%) after hours.
|NASDAQ:TSLA||249.99||8 October 2018||-11.96||264.52||267.76||249||11,575,256|
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Bearish (-0.30)||Neutral (0.02)||Bearish (-0.40)||Very Bearish (-0.51)|
Latest posts by Paul Ebeling (see all)
- Asia: Gold, USD, Crude Oil, Stocks & Commodities - May 22, 2019
- China is the World’s Largest Consumer of Gold, Here is Why - May 22, 2019
- F1: Ferrari (NYSE:RACE) at Monte Carlo - May 21, 2019