#2 - Tesla (NASDAQ:TSLA)
Tesla Inc. (NASDAQ: TSLA) is one of the Magnificent 7 stocks from 2023 that has seen better days. TSLA stock is down 31.7% in 2024, and short interest is on the rise.
The overall Tesla short interest is approximately 3% of the 3. 1 billion float. But Tesla is one of the most heavily shorted stocks in the trading community. And the options chain shows that puts outnumber calls by a fairly significant margin.
Tesla shares soared in 2023 on expectations of an electric vehicle (EV) revolution. Instead, interest rates and inflation have dampened customer's appetite for EVs. Moreover, while Tesla is still the far-and-away market share leader in the United States, it's losing market share in China.
Nevertheless, Tesla has been counted out before, and with the stock near its 52-week low as of March 14, 2024, investors could have a solid buying opportunity.
About Tesla
Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.
Read More - Current Price
- $177.46
- Consensus Rating
- Hold
- Ratings Breakdown
- 9 Buy Ratings, 17 Hold Ratings, 7 Sell Ratings.
- Consensus Price Target
- $185.90 (4.8% Upside)
