Shares of the EV (Electric Vehicle) giant Tesla (NASDAQ:TSLA) have slumped in 2022. While Tesla stock is down, Bloomberg, citing data from the Korea Securities Depository, reported that South Korean retail investors have capitalized on the price decline. According to the report, South Korean retail investors have amassed TSLA stock worth $2.8 billion. Moreover, South Korean day traders have been net buyers of TSLA stock in the past three months.
Supply-chain issues, COVID-led challenges in China, competitive headwinds, and the Twitter saga weighed on TSLA stock, which is down about 69% this year.
Apart from Korean retail investors, hedge funds have also acquired TSLA stock in the last three months. According to TipRanks’ data, hedge funds bought 1.1M TSLA stock. However, insiders have sold TSLA stock worth $7.5B in the last quarter.
Is TSLA Stock a Buy or Sell?
The macro challenges, a resurgent virus in China, and growing competition in the EV space could continue to keep TSLA stock volatile. Wedbush analyst Daniel Ives expects TSLA to miss Street’s Q4 delivery expectations. This could further hurt TSLA’s stock.
Ives reduced his price target on TSLA stock to $175 from $250. However, he maintains a Buy recommendation.
Including Ives, 19 analysts have rated TSLA stock a Buy. 10 analysts have a sell rating, while two recommend a Sell. Overall, Tesla stock has a Moderate Buy consensus rating on TipRanks. Moreover, its average price target of $272.41 implies 149.69% upside potential.
Furthermore, TSLA stock scores a seven on TipRanks’ Smart Score system, indicating a Neutral outlook.
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