Some investors believe Tesla has ballooned to levels unjustified by its fundamentals.
Some investors believe Tesla has ballooned to levels unjustified by its fundamentals, fueled by risk taking and short covering.
"Tesla has gone parabolic," said Matt Maley, chief market strategist at Miller Tabak. "This is taking Tesla well above a level that would be supported by its current fundamentals… The stock is going to get absolutely clobbered at some point before long.", at one point trading above $900 for the first time, and analysts still can't keep up with the run. The average 12-month price target of analysts is $493, according to FactSet.
. If enough short sellers are forced to cover their shorts and buy back the stock at the same time, it can create higher demand and itself drive the stock price even higher, a phenomenon also known as "a short squeeze." "Deep in [debt], selling less than 400,000 vehicles last year, and challenged by several competing electric car models in 2020, Tesla's stock valuation stunningly exceeds VW which sold over 10 million vehicles last year," Ralph Nader wrote in a separate tweet. "Watch out Tesla believers."
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