Investors continue to cash in on Tesla shares before the turn of the year.
• Tesla shares face third consecutive day of losses
• Investors take profits after a strong run
• Trading volumes below average
Tesla shares remain under pressure before the market on Monday after suffering heavily from profit-taking in recent trading days. In premarket NASDAQ trading, it temporarily lost 1.65 percent to $424.54 at the start of the week.
Investors had already made profits on Friday: Tesla shares ultimately fell by 4.95 percent to $431.66 before the weekend. After the share certificate of the electric car manufacturer was sold Elon Musk had already fallen by 1.76 percent last Thursday, today is now the third day of losses in a row.
Tesla shares in rally mode since Trump election victory
The electric car manufacturer’s shares had been hard to slow down since Donald Trump was elected as the future US president at the beginning of November. Tesla boss and major shareholder Elon Musk strongly supported him during the election campaign and has since been considered one of the most influential advisors. Investors are primarily betting that the car manufacturer will receive approval for more extensive autonomous driving more quickly under Trump.
Since November 6th, when they started a rally after the US presidential election, the shares have risen by around 81 percent and reached a record high of $488.54 on December 18th. Despite the recent losses, Tesla shareholders can still enjoy a strong price increase of 73.72 percent since the beginning of the year.
Low sales lead to strong price fluctuations
However, on the last days before the turn of the year, turnover on the US stock exchanges is also lower than usual, as many market participants are likely to have closed their books for the year before Christmas. At Tesla, trading volumes were also slightly lower than usual last week, according to data from “MarketWatch”. This often leads to stronger price reactions.
In addition, according to dpa-AFX, some investors have recently cashed in on technology stocks that have performed strongly this year, including Tesla.
Editorial team finanzen.net / dpa-AFX
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