Veteran tech watcher Paul Meeks says the bears may have more meat to rip apart from the carcass that is Tesla's stock price.
"Unfortunately, if you're a chartist, a technical analyst, there is no floor on this stock," Meeks, a portfolio manager at Independent Wealth Solutions, said on Yahoo Finance Live (video above). "Does it go all the way back down to $29? I actually, over the next couple of years, wouldn't be surprised."
Tesla shares last traded under $30 a share back in Jan. 2020, per Yahoo Finance data. Since then, the stock has surged 289% to $113 — but is off 70% from a record high of $402 hit on Jan. 4, 2022.
To be sure, the start of the year for Tesla has done little to quiet bears like Meeks.
Shares of the EV maker fell more than 12% on Tuesday, marking the biggest one-day drop for the stock in more than two years. At one point, the stock hit its lowest level since August 2020 as investors reacted to a lackluster fourth-quarter delivery figure released on New Year's Day.
Tesla shares rebounded by 4% on Wednesday after CEO Elon Musk shed roughly $9.1 billion in net worth in Tuesday's session, reflecting the loss in value of his Tesla shares.
The company saw fourth-quarter deliveries rise 18% sequentially to 405,000, missing consensus forecasts of 418,000. The figure brought Tesla's 2022 total deliveries to 1.3 million units, up 40% year-over-year but below the company's guidance of 50% growth.
A Tesla sits in mud at a housing complex in Montecito, Calif., Tuesday, Jan. 9, 2018. (AP Photo/Michael Owen Baker)The delivery miss further fueled concerns on the Street about the demand for Tesla's vehicles, which was a key factor that helped send shares spiraling 65% lower in 2022. JPMorgan analyst Ryan Brinkman notably cut his profit estimates and price target on Tesla in the wake of the soft results.
Meeks shares Brinkman's concerns on demand, leaving him well on the sidelines for the stock, even at its cheaper levels.
"If I was interested in going long, I would not buy Tesla even here," Meeks added. "I would not buy Tesla even significantly lower from here. I think there are all kinds of tech turnarounds that would be better positioned. I would not be surprised if Tesla goes much, much, much lower."
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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