Source: Benzinga Feeds
CFRA analyst Garrett Nelson said Friday in a Fox Business interview that Tesla Inc’s (NASDAQ: TSLA ) stock benefited from a “meteoric run-up” and investors should be selling the stock. What Happened With Tesla Stock Tesla’s stock has more than tripled in value since last June and its valuation at current levels is “quite frothy,” Nelson said. Specifically, the stock is trading at a multiple of more than 50 times 2021 estimates which already gives the electric automaker “plenty of credit” for future growth. Much of the recent gains could also be the result of investors covering their short position which lends a “coiled spring effect” to the stock, he said. In fact, short interest has come down from around 20% to 15% over the … Full story available on Benzinga.com
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