“There is no floor on this stock,” says portfolio manager

Veteran tech watcher Paul Meeks says the bears may have more meat to tear apart from the carcass that is Tesla’s stock price.

“Unfortunately, if you’re a chartist, a technical analyst, there’s no floor on this stock,” Meeks, portfolio manager at Independent Wealth Solutions, said on Yahoo Finance Live (video above). “Does it go back down to $29? In fact, over the next two years, I wouldn’t be surprised.”

Tesla shares last traded below $30 per share in January 2020, per Yahoo Finance Data. Since then, the stock has jumped 289% to $113, but is down 70% from the all-time high of $402 hit on January 4, 2022.

Admittedly, the start of the year for Tesla did little to calm bears like Meeks.

Shares of the electric vehicle 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 4% on Wednesday after CEO Elon Musk lost about $9.1 billion in net worth during Tuesday’s session, reflecting the loss in value of his Tesla shares.

The company saw fourth-quarter shipments rise 18% sequentially to 405,000, missing consensus guidance of 418,000. The figure brought Tesla’s total shipments in 2022 to 1.3 million units, up 40% year over year, but below the company’s growth forecast of 50%.

A Tesla sits in the mud of a housing complex in Montecito, Calif., Tuesday, Jan. 9, 2018. Dozens of homes were swept away or badly damaged on Tuesday as torrential rains sent mud and rocks tumbling down hills stripped of vegetation by a massive wildfire that raged through southern California last month.  (AP Photo/Michael Owen Baker)

A Tesla sits in mud at a residential complex in Montecito, Calif., Tuesday, Jan. 9, 2018. (AP Photo/Michael Owen Baker)

The failure to deliver further fueled concerns on the streets about demand for Tesla vehicles, which was a key factor that helped send shares tumbling 65% in 2022. JPMorgan analyst Ryan Brinkman notably cut its earnings estimates and price target on Tesla following the soft results.

Meeks shares Brinkman’s concerns over demand, leaving him well on the way to the title even at his cheapest levels.

“If I was interested in going long, I wouldn’t buy Tesla even here,” Meeks added. “I wouldn’t buy Tesla much lower from here. I think there are all kinds of tech turnarounds that would be better positioned. I wouldn’t be surprised if Tesla went much, much, much lower. “

Brian Sozzi is editor-in-chief and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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