Tesla Stock Is Down More Than 23% From Its Recent Highs -- Here's Why
Tesla (NASDAQ: TSLA) had a great 2020. Despite the COVID-19 pandemic, Tesla managed to deliver 36% more cars than it did in 2019. It rolled out exciting model upgrades and technology and got its financial house ordered enough to qualify for inclusion in the S&P 500. Investors were clearly excited about all this, sending Tesla share prices up over 700%.
But Tesla is having a rough start to 2021. Since hitting a record $900 per share in January, Tesla stock has been in a downward spiral. Even when Tesla reported its first annual profit and a 28% revenue increase for the year 2020 -- its best-ever financial result -- investors saw no cause to celebrate. On March 8, Tesla's stock price dropped to $547, a five-month low. The stock now trades at $692 a share as of this writing, down about 23% from its peak.
So is the party finally over for Tesla? We don't know for sure. Still, it would be great to zoom in on why investors are selling Tesla.
Source Fool.com
