CNBC reports that Tesla shares fell by more than 8% on Wednesday, the sharpest drop since Donald Trump’s election last month.
The stock closed at $440.13, but it has increased 75% since the November 5 election. Last week, it hit a record high, surpassing the previous high of 2021.
Barclays analysts noted that most investors are stunned by the scale of the rally and do not know how to act given the gap with fundamentals. They recommend holding the stock with a target price of $270.