The Reasons Why Tesla Stock Slipped Today


Tesla Stock (NASDAQ:TSLA)

At 2:05 p.m. In early afternoon trading today at 2:00 p.m. ET, Tesla stock was trading around the day’s lows, down 7.1%. The business is getting set to provide investors with an update over the coming few days, but it is not probable that this explains the significant decline that occurred today.

Then What?

If Tesla (NASDAQ:TSLA) stays true to its usual schedule for releasing this information, Tesla will reveal its delivery data for the third quarter over the following weekend. Today’s movement may be somewhat attributable to the fact that one analyst recently lowered his delivery estimate and his Tesla stock price target. However, the majority of today’s loss may be ascribed to a general decline in market sentiment, as seen by the fact that the tech-heavy Nasdaq Composite index was trading down by more than 3%.

A Piper Sandler analyst, Alex Potter, issued a note yesterday in which he revised his forecast for third-quarter deliveries, bringing the new number down from 380,000 to 354,000. Barron also lowered the Tesla stock price target, which is now $340 per share. However, even though the new price objective indicates a gain of more than 18% from yesterday’s closing price, Potter believes that the Tesla stock should be purchased.

What’s Next?

Tomorrow will also be when Tesla (NASDAQ:TSLA) will conduct its second annual “AI Day.” This should provide investors with up-to-date information on various issues, ranging from Tesla’s humanoid robot to the company’s efforts to develop a fully autonomous car.

Tesla stock is likely to trade alongside other assets that are considered to have a greater level of risk until investors hear more from the firm about its deliveries and artificial intelligence sector. As of right now, that is to the detriment.

Featured Image-  Megapixl @ Mikephotos

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About the author: I'm a financial journalist with more than 1.5 years of experience. I have worked for different financial companies and covered stocks listed on ASX, NYSE, NASDAQ, etc. I have a degree in marketing from Bahria University Islamabad Campus (BUIC), Pakistan.