Tesla once fell over 6%, with major firms lowering their price targets
Over the past three months, short sellers have made a profit of $16.2 billion.
On March 18, U.S. stocks opened, and within the first fifteen minutes, Tesla fell over 6%, with major banks lowering their target prices.
Media reports indicate that over the past three months, hedge funds have earned $16.2 billion by shorting the stock of American electric vehicle manufacturer Tesla. It is reported that since Tesla's stock price closed at a high on December 17 last year, the company's market value has evaporated by more than $700 billion, causing its CEO Elon Musk's net worth to shrink by over $100 billion.
JP Morgan maintains a sell rating and has lowered its target price from $135 to $120.
Wells Fargo analysts maintain a sell rating on Tesla and have lowered their target price from $135 to $130.
UBS has lowered Tesla's target price from $259 to $225.
Capital Markets analyst Tom Narayan from CIBC maintains a buy rating and has lowered the target price from $440 to $320.
Mizuho has lowered its target price for Tesla from $515 to $430.
BNP Paribas Exane has adjusted Tesla's target stock price from $157 to $150.
Guggenheim maintains a sell rating on Tesla, lowering the target price to $170.
Evercore ISI: has lowered Tesla's target price from $275 to $235, maintaining a "market perform" rating