- 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.
“[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