Tesla Is The Worst Performing Stock In S&P 500 Index

Down 32% since the start of January, the stock of electric vehicle maker Tesla (TSLA) is the worst performer in the benchmark S&P 500 index so far this year.

Tesla's stock has performed slightly worse than troubled aircraft manufacturer Boeing Co. (BA), whose share price has declined nearly 30% year to date.

Overall, the S&P 500 index has increased 9% in 2024. Currently, Nvidia's (NVDA) stock is the best performer with a gain of 89% on the year as demand for its microchips is being fueled by the boom in artificial intelligence (A.I.).

The S&P 500 index is comprised of the 500 largest publicly traded U.S. companies as measured by market capitalization. It is widely viewed as the benchmark for American equities.

The decline in Tesla's stock price comes after the company issued poor financial results for the fourth quarter of 2023 and gave a downbeat forecast for the year ahead.

In recent weeks, several Wall Street analysts have downgraded their ratings on the stock, citing slowing growth and a poor outlook.

Most recently, analysts at Wells Fargo (WFC) downgraded Tesla's stock to“sell” from“hold” and placed a $125 U.S. price target on the shares, down from $200 U.S. previously.

In their downgrade, the Wells Fargo analysts called Tesla a“growth company with no growth.”

Tesla's sales have been flat in Europe and China over the past 12 months, while its North American sales have decreased.

The company has cut the prices on its vehicles several times over the past year to try and boost sales, but to little effect. Tesla's profit margins have eroded as a result.

Over the last 12 months, Tesla's stock is now down 8%. The company's shares are currently trading at $169.48 U.S. per share.

• About Us
• Contact Us
• Advertise
• License Our Content
• Jobs
• Disclaimer
• Privacy Policy

Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks

MENAFN14032024000212011056ID1107979291