Some Early Tesla Bulls Are Ditching the Stock

Some Early Tesla Bulls , Are Ditching the Stock.

Reuters reports that Tesla's shares are down about 30% this year.

Since 2021, shares have fallen over 50%, causing the company to lose $600 billion in market value.

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Q1 results fell short of analysts' expectations.

As a result, many of Tesla's institutional shareholders are saying goodbye to the stock, Reuters reports.

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Gabelli Funds sold all of its 65,900 shares in Q1.

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It started to feel like the fundamentals were becoming detached from reality.

, John Belton, a portfolio manager at Gabelli Funds, via NPR .

We think the stock works best when there are auto company fundamentals that justify the stock price, John Belton, a portfolio manager at Gabelli Funds, via NPR .

Ross Gerber of Gerber Kawasaki Wealth & Investment Management has sold about 200,000 Tesla shares this year.

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I think the story is over, is the best way to say it, Ross Gerber of Gerber Kawasaki Wealth & Investment Management, via NPR.

Over the last year and a half, Elon’s personal quests based on the way that he sees the world have superseded the interests of Tesla and its shareholders, Ross Gerber of Gerber Kawasaki Wealth & Investment Management, via NPR.

However, not all of Wall Street has given up on the stock.

Five mutual funds tracked by Morningstar increased their Tesla shares last quarter, and 19 analysts have given Tesla a "buy" or "strong buy" rating, Reuters reports.