04/17/2024
How low will Tesla’s stock price drop this time? This is a technical analysis
Tesla (TSLA.US) shares continued to fall on Tuesday after closing below important support on Monday, April 15. As the company's first-quarter earnings report approaches, recent changes in the stock price have investors wondering where the stock will go.
Tesla shares closed at $157.11 on Tuesday, down 2.7%, while the S&P 500 and Nasdaq Composite fell 0.2% and 0.1% respectively. Tesla's stock price has not been below $160 since May 2023, after news broke that Tesla would lay off more than 10% of its more than 140,000 employees.
After Tuesday's decline, Tesla shares are down about 37% so far this year. Currently, the electric car maker trades at about 44 times its projected 2025 earnings per share. At the start of the year, it traded at about 65 times earnings, according to FactSet.