Tesla Stocks continue to plummet

Tesla announced its preliminary March quarter results, which missed the company’s goal of making 2,500 Model 3’s per week by the end of the quarter, but was better than investor expectations. There were 9,766 Model 3’s made during the quarter with 2,020 in the last seven days, and over the next seven days it expects to build 2,000 Model S and X’s and 2,000 Model 3’s.

The stock is up $13 this morning to $266, or 5%, and has traded between $254 and $270. Investors were expecting Model 3 production to come in around 1,500 per week at the end of the quarter, so 2,000 is definitely a beat.

Given what is now a 26% decline over the past five weeks and the short interest in the shares, these results may help the stock find a new area to trade around, but it doesn’t appear that there will be a sharp rebound.

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