Tesla stock will sell off this month after ‘off the chart’ rally as retail investors lose excitement over Elon Musk, research firm says

  • Vanda Research sees a sell-off coming for Tesla stock later this month after a hot start to 2023.
  • Retail investors have piled into the EV-maker’s stock, but Elon Musk’s recent announcements fell flat.
  • “The current environment is more favorable for a sell-off, given the sizable investment flows in comparison to historical levels.”

Tesla 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.

In a note following Musk’s latest colorful statements at the company’s investor day, Vanda forecasted that Tesla shares will see a decline in overall purchases in the near term.

Shares of the EV-maker declined 6% Thursday. So far this year, Tesla stock has gained more than 80% following 2022’s brutal performance.

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“[Th]e monthly purchases of TSLA by retail investors are off the chart, likely attributable to a combination of relatively low perceived price and excitement surrounding Musk’s Master Plan,” the strategists said.

Full article: markets.businessinsider.com/news/stocks/tesla-stock-prediction-rally-vanda-research-elon-musk-investing-ev-2023-3


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