Tesla's stock price fell as much as 21% before finishing Wednesday at $734, down 17%.
the company jointly operates in Nevada with Panasonic Corp. Some also pointed to the significant amount of short interest in Tesla and said at least part of the rally was explained by investors exiting bearish positions.
“Many investors are struggling to identify a strong fundamental underpinning for the move,” Morgan Stanley analyst Adam Jonas wrote in a note to clients, adding that investor feedback from the discussions has been “calm, curious and overall cautious.” That sentiment may have finally caught up with the stock, starting with the jaw-dropping $109 drop in the price right before the closing bell on Tuesday. The stock closed at $887.06, bringing its 2020 gains to 112%.
Wall Street is pedaling back on some of its enthusiasm. Canaccord Genuity’s Jonathan Dorsheimer downgraded Tesla to hold from buy, warned of a likely “reset of expectations” in the first quarter and flagged China’s coronavirus as a clear headwind to the Shanghai facility.Meanwhile, Chief Executive Elon Musk, who added $17.
“At the end of it all, there’s a big sentiment shift,” said Ben Kallo, a Baird analyst with the equivalent of a hold rating on Tesla’s stock. “Eighteen months ago, this was a company going out of business, everyone said. Now, it’s a business people want to invest in. Institutional growth investors are starting to look at it as a real company that can make money.”
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