Tesla is dropping again, bringing 3-day loss to 18%.
With Thursday's decline, the stock is more than 18% below Monday's close, a day when the stock surged following its stock split.
With Thursday's decline, the stock is more than 18% below Monday's close, a day when the stock surged following its stock split. said it reduced its position in the company from around 6.3% to less than 5%, according to FactSet. The firm said it intends to remain a long-term shareholder in the company and that the selling was purely due to portfolio restrictions. Tesla dropped 5.8% on Wednesday.
In a note to clients on Wednesday Credit Suisse said that four key factors have been driving the rapid appreciation in shares, including short investors covering their positions as well as passive investors purchasing shares ahead of possible inclusion in the S&P 500. In other words, reasons beyond the company's fundamentals are driving stock performance.
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