Tesla Investor Shorts Stock, Saying 'Don't Think All Of The Bad Is Priced In Yet' — Predicts Possible Fall To This Level
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) experienced a significant drop after a downgrade from Wells Fargo and a prominent investor, Kevin Paffrath, announced shorting the stock due to concerns over the Federal Reserve's potential actions and broader economic factors. Paffrath highlighted risks including Elon Musk's political involvement, liquidity issues, and geopolitical tensions. He predicts a short-term decline to around $148, with strong support at $101. Tesla's stock closed down 4.54% at $169.48.
March 14, 2024 | 7:24 am
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Tesla's stock experienced a sharp decline following a downgrade and negative outlook from investor Kevin Paffrath, who cited broader economic concerns and specific risks related to Tesla.
The downgrade by Wells Fargo and the decision by a prominent investor to short Tesla's stock due to concerns over the Federal Reserve's potential actions and broader economic factors have contributed to a negative outlook for Tesla's stock in the short term. The specific mention of a possible decline to around $148 and strong support at $101, along with the stock's recent performance, suggests a bearish sentiment that could influence Tesla's stock price negatively.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100