Wall Street Pulls Support from Tesla (NASDAQ:TSLA)
- Key Indicators Turning Very Bearish
Tesla’s (NASDAQ:TSLA) CEO Elon Musk is on Twitter scolding news organizations for quoting analysts with a Bearish view of his struggling EV maker.
Of the 31 Analysts covering the stock, 10 say to sell, or 32%, meaning the Bears are coming out to feed..
Wall Street firms rarely tell clients to get rid of a stock, less than 5% of recommendations are sells. “Hold” is the the Street’s polite way of expressing doubt.
The niceties have been abandoned when it comes to Tesla, where Elon Musk has fought a pitched and public fight with Bears over the M3, his attempt to put EVs into the driveways of mainstream consumers.
Short interest is 25% of the stock’s public float and Mr. Musk has repeatedly gone back to investment banks to seek billions of dollars after burning through cash at rates that have raised concern among a growing number of investors.
Tesla is a company that pushes the analysts to take really strong opinions. It is a name that trades a lot on sentiment, and that sentiment changes minute by minute.
The ride has been bumpy.
A spokesman for Tesla, declined to comment.
Tesla as fallen for a 5th day running Friday, as investors questioned whether production of M3 cars would be sustained. The stock has retreated nearly 10% MTD.
A clear break below some very minor support at 308.87 opens the way to 248.21 mid term.
|NASDAQ:TSLA||308.9||6 July 2018||-0.26||304.95||312.07||302||8,857,300|
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Neutral (0.04)||Neutral (-0.13)||Neutral (0.04)||Neutral (0.22)|
Have a terrific weekend.
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