Tesla Stock Slides 7% Amid Institutional Pullback Despite Strong Earnings
Tesla shares tumbled 6.6% to $401.99 on Thursday as trading volume spiked 17% above average. The decline comes despite the EV Maker beating Q3 earnings estimates with $0.50 EPS versus $0.48 expected, and $28.10 billion revenue against $24.98 billion forecasts.
ARK Invest's consecutive sales through November 13 signal weakening institutional support, even as the fund maintains long-term bullish projections. Tesla's $1.34 trillion valuation now trades at a staggering 268 P/E ratio - a premium that appears increasingly vulnerable.
The stock remains 12% below its 52-week high, caught between technical support at the 200-day moving average ($338.25) and resistance NEAR the 50-day MA ($425.40). Analysts maintain a 'Hold' rating with average price targets sitting below current levels at $391.08.
