Earlier this week, Tesla posted a worse-than-expected loss of $702 million for the March quarter and today, the company’s stock fell over 5% in a single day to its lowest price since January 2017, Reuters reports. With CEO Elon Musk failing to win over investors, Tesla’s stock has fallen almost 14.1% during the week.
According to options analytics firm Trade Alert, Tesla contracts changed hands at twice the usual pace in the options market, with the trading volume set to hit a seven-month high of 712,000 contracts by the end of the session.
The company’s $1.8 billion junk bond sank half a cent to yield 8.42%, more than 3 percentage points above the bond’s coupon rate of 5.3%. In 2019, Tesla’s stock has already fallen 29% with the electric car maker’s market capitalization declining to $41 billion from $63 billion in mid-December:
Following Tesla’s quarterly report, 12 analysts recommend selling the stock, while 11 recommend buying and eight are neutral. The median analyst price target is $275, up 17% from the stock’s current price. Berenberg analyst Alexander Haissl has the most optimistic price target, at $500, while Cowen and Company’s Jeffrey Osborne has the lowest, at $160, according to Refinitiv.
Analysts now expect Tesla’s revenue to expand 19% in 2019, compared with 83% growth in 2018 and 68% growth in 2017.