Tesla set a new high on June 23 and has been stumbling since, down over 10% in the past 2 days.
It has been a busy week for Tesla. Elon Musk announced on Monday that the Model 3 had passed its regulation requirements and that the first car should be completed on Friday. Tesla also reported disappointing production data for the second quarter. Goldman cut its price target on the stock on Wednesday from $US190 to $US180. While the range of all analysts’ targets is from as low as $US155 to as high as $US464.
Despite the dramatic drop this week the stock is still up close to 50% year-to-date. Apple analyst Gene Munster says the Model 3 launch will be as big as the introduction of the iPhone. Gavin Baker, portfolio manager of Fidelity OTC, one of the biggest holders of Tesla stock, went a step further in January saying the Model 3 by some measures is “the largest consumer-product launch ever — ahead of any iPhone device.”
Get the latest Tesla stock price here.
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