Tesla stock will sell off this month after 'off the chart' rally as retail investors lose excitement over Elon Musk, research firm says
stock has had a red-hot start to 2023 thanks to enormous retail investor interest, but Elon Musk's announcements this week could end up sparking a sell-off rather than more enthusiasm, according to Vanda Research. , Vanda forecasted that Tesla shares will see a decline in overall purchases in the near term.. So far this year, Tesla stock has gained more than 80% following 2022's brutal performance.
That plan, however, may not have resonated this week, and Musk's failure to unveil new vehicle models and specify a timeline on certain milestones for the company ran counter to the enthusiasm going into the event. "If we assume that much of the retail buying was driven by momentum rather than a strong conviction, a stagnation in performance caused by the lack of new 'rumors' to buy, could result in a significant reversal in sentiment, investment flows, and ultimately stock price," Vanda said.
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