Why Tesla Stock Tumbled Today
Tesla (NASDAQ: TSLA) has had a tremendous year so far, with its stock nearly quadrupling in value. At a share price of more than $1,600 today, however, Tesla is looking like a ripe target for Wall Street analysts, because at valuations this extreme, the downside is great, and the risk of missing out on a rally looks limited.
And judging by today's price action, they may be right. As analysts lined up to take their swipes today, Tesla shares tumbled more than 5%, settling a bit to a 4% loss as of 3:10 p.m. EDT on Tuesday.
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Source Fool.com
