Tesla falls 9% on sky-high volume with the EV slump extending (updated)
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Tesla (NASDAQ:TSLA) spun even lower in Thursday trading with a 9.65% drop.
The EV stock is now down more than 27% over the last six weeks to easily outpace the declines in the broad market and other major auto stocks. Unless there is an afternoon turnaround, TSLA shares may record their fifth straight down day. Some analysts have warned that Elon Musk's Twitter role has created a large overhang on the stock, even though has confirmed he is looking for a CEO replacement for the social media company.
Volume on TSLA on was 204M shares, which is a notably high amount for a pre-holiday week and well above the daily average of 90.5M.
Read the latest breakdowns on Tesla (TSLA) from Seeking Alpha authors - including a Buy rating, Hold rating, and Strong Sell rating being doled out in the last week
Sector watch:
EV stocks slump into 2023 as investors eye profitability over green energy dreams
This post was updated at 4:11 p.m. to reflect the closing price and volume tally.