Tesla (NASDAQ:TSLA) stock price predictions continue to be a concern among investors following Elon Musk’s acquisition of Twitter in October.
Tesla stock has been on a downward trend ever since Musk revealed his plans to purchase Twitter earlier this year. Musk has sold shares of TSLA stock to help fund the deal, resulting in the company’s shares losing value.
Even with the Twitter deal complete, TSLA stock is failing to regain that lost value. This comes as analysts see weakening demand for the company’s electric vehicles (EVs). That makes sense considering that inflation, rising interest rates and fears of recession have weighed on consumer markets.
Analysts Are Losing Faith in TSLA Stock
All of this has resulted in some analysts lowering their price targets for TSLA stock. That includes Evercore ISI dropping its price target from $300 per share to $200. For the record, TSLA stock traded for $149.87 per share when markets closed yesterday.
And it’s not just Evercore ISI. Goldman Sachs has also decreased its price target for TSLA stock. This time, the prediction valued shares at $235 apiece. That’s a noteworthy decrease from the prior estimate of $305 per share.
With all this news comes heavy trading of TSLA stock today. As of this writing, more than 92 million shares of the stock have changed hands. That’s above the daily average trading volume of 88 million shares.
TSLA stock is down 5.2% as of Tuesday afternoon and down 64.5% since the start of the year.
Investors looking for all of the latest stock market news today are in luck!
InvestorPlace is home to all of the most recent stock news traders need to know about on Tuesday! Among that is what has shares of Athenex (NASDAQ:ATNX), Bed Bath & Beyond (NASDAQ:BBBY) and Nio (NYSE:NIO) stock moving. You can learn more about these matters at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.