Shah reduced his price target to $300 from $400 for Tesla's stock, representing 5 percent upside from Monday's close. Tesla shares have also been hit by a round of short selling, sparking more angry tweets, and have dipped accordingly. Morton has since been appointed CFO at business software company Anaplan. Talk about a lot on your plate. The all-electric vehicle company sought to build an "affordable" electric auto for the masses.
The Model 3 starts at $35,000 (€30k), although the cheapest one that can be purchased at present costs $49,000 (€42.5k).
"Longer-term, however, we remain neutral on Tesla, as we believe the stock is unlikely to meaningfully break out of this range until investors get clarity on normalized Model 3 gross margins/profitability, as well as product quality", stated Sacconaghi.
Musk voiced that he felt the full responsibility of getting the Model 3's out when he originally planned, but that was never going to happen with the volume and demand.More news: Another hurricane is barreling toward Hawaii
In arguably his most public gaffe, Musk unexpectedly tweeted last month that he had secured funding to take Tesla private.
Elon Musk appears to be confident of the company's chances this Q3, as revealed in a letter to employees shared in Tesla's official blog last Friday. Tesla Inc shares were trading at $285.34 per share on Monday afternoon, up $22.10 (+8.40%). According to Yahoo Finance, TSLA is now trading at $280.09 a share, up $16.85 (+6.40%).
The development showed that a few days before his live stream podcast with Joe Rogan, one of his top executives resigned followed by another executive immediately after, which resulted in a 6% fall in the company stocks. Analysts' are all over the map about if investors should invest in TSLA or not.
They added that they were more positive on the company after recently visiting its Fremont factory. He has also dampened speculation that Tesla will need to raise cash by selling more stock.