What's Going On With Tesla Stock? - Tesla (NASDAQ:TSLA)

Tesla Inc TSLA shares fell on Thursday. There are several developments that could be impacting the EV stock. Here’s a look at what’s going on. 

What’s Going On: Several stocks are trading lower amid ongoing concerns of an overheating economy and tight labor market.

Last week, the Federal Reserve raised its target fed funds rate by 0.5% and signaled that it still needs “substantially more evidence” that inflation is trending down.

Thursday on CNBC’s “Squawk Box,” billionaire hedge fund manager David Tepper noted that investors should be paying attention to what central banks are signaling. 

“I think the upside/downside just doesn’t make sense to me when I have … so many central banks telling me what they’re going to do,” Tepper said.

He expects central banks to keep rates high for “a while.” As a result, he is “leaning short” on equities. Tepper’s comments may be negatively impacting broader markets.

What Else: Tesla has increased the discount on all Model 3 and Model Y vehicles delivered in the U.S. in December from $3,750 to $7,500, adding to recent demand concerns.

According to an Electrek report, Tesla extended the discounts to Canada and Mexico on Thursday.

Investors also continue to weigh the potential impact of CEO Elon Musk’s Twitter acquisition. Tesla shareholders are concerned that Musk’s increased focus on the social media platform could take away from time spent on Tesla. 

Check This Out: Tesla’s Market Share ‘Decimated,’ Backlog Has ‘Collapsed To Nothing’ — Why Institutional Investors Are ‘Very Concerned’

Musk previously said his role at the helm of Twitter would be temporary, but he tweeted over the weekend that “no one wants the job who can actually keep Twitter alive,” and said “there is no successor.”

Several analysts also cut price targets on Tesla shares this week. Canaccord Genuity analyst George Gianarikas carried the trend forward Thursday when he lowered his price target on Tesla from $304 to $275. 

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TSLA Price Action: Tesla has a 52-week high of $402.67. It’s making new 52-week lows on Thursday.

The stock closed down 8.9% at $125.35, according to Benzinga Pro.

Photo: courtesy of Tesla.



Image and article originally from www.benzinga.com. Read the original article here.