Tesla Worst Performing S&P 500 Stock Year-To-Date: Analyst Warns More Trouble Ahead With 'Slower EV Demand'
Portfolio Pulse from Chris Katje
Tesla Inc (TSLA) has become the worst-performing stock in the S&P 500 Index year-to-date in 2024, down 34.4%, amidst concerns of slower EV demand and production issues. Analysts have downgraded the stock and lowered price targets, with UBS cutting its price target from $225 to $165 and Wells Fargo from $200 to $125. The SPDR S&P 500 ETF Trust (SPY) is up 8.3% YTD, supported by the Magnificent 7 stocks, despite Tesla's underperformance. Other notable performers include Nvidia (NVDA) and Meta Platforms (META), with significant gains.
March 14, 2024 | 8:02 pm
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NEGATIVE IMPACT
The Meet Kevin Pricing Power ETF (PP) sold all its Tesla shares, formerly a top holding, with Meet Kevin going short on Tesla due to concerns over management focus and potential further downside.
The decision by The Meet Kevin Pricing Power ETF to sell all Tesla shares and go short reflects concerns over Tesla's management focus and anticipates further downside, impacting investor sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
Tesla Inc faces significant challenges in 2024, with its stock down 34.4% YTD, making it the worst performer in the S&P 500. Analyst downgrades and lowered price targets reflect concerns over EV demand and production.
Tesla's significant YTD performance drop and analyst downgrades due to concerns over EV demand and production issues directly impact investor sentiment and stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Meta Platforms (META) is among the top performers in the S&P 500 Index in 2024, with a 40.0% increase, showcasing strong market performance.
Meta Platforms' significant gain in 2024 reflects its strong market performance and investor confidence, contributing positively to the S&P 500 Index.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
Nvidia Corporation (NVDA) is a top performer in the S&P 500 Index in 2024, with an 83.5% increase, contrasting Tesla's decline.
Nvidia's exceptional performance in 2024 as one of the top S&P 500 stocks highlights its strong market position and investor confidence, contrasting with Tesla's challenges.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) is up 8.3% YTD in 2024, despite Tesla's underperformance, supported by gains in other Magnificent 7 stocks.
SPY's positive performance YTD, despite Tesla's underperformance, is due to the strong gains of other Magnificent 7 stocks, indicating a diversified strength in the index.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80