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Tesla (NASDAQ:TSLA) stock is on the move Tuesday after one investor claimed the EV company’s shares won’t reach $300 again.
This statement comes from GAM Investments investment director Mark Hawtin. According to him, shares of TSLA stock will be unable to rise back to $300 due to the price cuts the company has announced for its EVs.
Hawtin goes on to say that TSLA stock has several headwinds on the way. That includes his expectation that demand for the company’s EVs will decrease during a time when the company is ramping up factories.
All-in-all, this has Hawtin feeling “pretty bearish on Tesla.” If his predictions hold true, investors might even see the price of TSLA stock fall further in the coming year. It’s worth noting that inflation and increasing interest rates have been weighing on the economy, alongside recession concerns.
How This Affects TSLA Stock Today
Hawtin’s recent comments on TSLA stock come as the company’s shares are down 1.1% Tuesday morning. The company’s trading volume for today is currently 46 million shares. That’s a low volume compared to the company’s daily average of 171 million shares.
Investors will also note that TSLA stock has been regaining lost ground in 2023. That has shares increasing 89.5% year-to-date. However, it still has a ways to go before it reaches the roughly $300 per share it traded for in December. Shares of TSLA stock are trading for about $205 as of this writing.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! A few examples include why shares of Celsius (NASDAQ:CELH), Baidu (NASDAQ:BIDU), and TSLA stock are moving today. All of that is ready to go at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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