Tesla shares correct over 15% in 30 days; Should you buy the dip?
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Shares of electric vehicle (EV) major Tesla have corrected more than 15 per cent in the last 30 days, despite positive performance in October-December period (Q4). The company’s services’ segment grew 37 per cent sequentially, whereas the energy and storage segment surged by 54 per cent in the quarter-under-review.
Yet, shares of billionaire Elon Musk-led firm have underperformed and corrected 34.16 per cent year-to-date, according to Trading.biz analyst Rahul Nambiampurath. On Tuesday, shares of Tesla were last trading 0.89 per cent lower at $172.25 against a previous close of $173.80 on the Nasdaq.
According to the analyst, Tesla’s year-on-year profits for 2023 have declined by 23 per cent, which is one of the primary reasons for the stock’s underperformance. These lacklustre figures have also impacted overall earnings and per-vehicle profitability, believes the analyst.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 19 Mar 2024, 09:24 PM IST
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