Tesla Stock Performance
Tesla Inc. (TSLA:NSD) has seen significant losses in its stock price this week. Today. March 10, 2023, Tesla’s stock is down by over 20 percent over the last couple of weeks, since hitting the stocks closing high of $214.66, after a magnificent run off of $101.81 in January.
The big drop in Tesla’s stock price can be attributed to a number of factors. Firstly, there has been increased competition in the electric vehicle market, with many new players entering the market and existing players expanding their offerings. This has led to concerns about Tesla’s ability to maintain its dominant position in the market, as well as its ability to continue to innovate and produce high-quality electric vehicles.
In addition to competition, there are also concerns about Tesla’s financial performance. The company has faced a number of challenges in recent years, including production issues, delivery delays, and regulatory scrutiny. There are also concerns about the company’s ability to meet its ambitious growth targets, which have been set by its CEO Elon Musk.
Furthermore, there has been increased volatility in the stock market in general, which likely the biggest factor in the stock’s rapid decline. Investors have become increasingly cautious and risk-averse in a souring macro economic environment, which is responsible for the sell off in high-growth, high-risk stocks, in which Tesla takes a major lead in.
TSLA Stock Forecast & Analysis
According to 46 analysts, the average target price for Tesla Inc. over the next 12 months is USD 228.16, with an average analyst rating of Buy. Stock Target Advisor’s analysis of Tesla Inc is Slightly Bullish, with 10 positive signals and 5 negative signals.
Tesla’s current stock price is at USD 172.92, reflecting a decline of -9.42% over the past week, -16.59% over the past month, and -39.61% over the last year. This significant drop in stock price can be attributed to a variety of factors, including concerns about increased competition in the electric vehicle market, challenges in production and delivery, and general market volatility.
