Tesla, Inc. shares TSLA are poised to extend their decline for a third consecutive session, weighed down by many ongoing concerns. In premarket trading on Tuesday, the stock dipped 1.98% to $161.48.
A breach of this price point would mark the first time the stock has fallen below $160 since May 4, 2023.
Confirmation of a significant layoff, including high-profile and longtime executives, eroded roughly $30 billion from Tesla’s market capitalization on Monday. The stock closed Monday’s session down 5.59% at $161.48, according to Benzinga Pro data.
The extended selloff witnessed in Tuesday’s premarket stems from anxieties surrounding the company’s upcoming first-quarter earnings report, due next week. Following the layoffs, analysts are now anticipating a potentially negative report. Additionally, rumors of Tesla shelving its sub-$30,000 electric car project have been met with disapproval on Wall Street.
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