Tesla shares are down nearly 30% in the year to date, and investors lack the clarity needed to bet on any lasting recovery.
The electric vehicle maker is due to provide its first-quarter delivery numbers early next week, and rapidly dropping estimates over the past month suggest a lackluster report. More importantly, tepid demand for its cars is expected in coming months.
The soon-to-end first quarter will rank among the stock’s three worst ever. The EV maker is the biggest percentage decliner on the S&P 500 so far this year. The stock has given up all its gains since mid-May, and has erased over $350 billion from its market capitalization since touching a 52-week high in July.
“There is quite a bit of pessimism already built into the stock at these levels,” said Ivana Delevska, chief investment officer at SPEAR Invest. “From here, I think it will be a binary outcome,” she added, saying that the company will either show progress in its self-driving technology, or will continue to trade with the struggling EV market.
All of this pushed Tesla’s shares into the so-called technical oversold territory last week, signaling that the stock has fallen too far, too fast.
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