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Author: Alan LittleDate: 2020-12-22

Tesla (TSLA) makes debut on S&P 500, shares down 5%

Tesla (TSLA) made its debut on the S&P 500 index on Monday, but shares tumbled 5% as investors who bought into stock late last week opted to cash in.

Tesla (TSLA) shares were trading 5% lower on Monday after the electric carmaker made its long-awaited debut on the S&P 500 index.

The S&P Dow Jones Indices confirmed back in November that Tesla would be included in the popular equity indices from 21st December after meeting the criteria for entry, which included recording four successive quarterly profits.

However, it proved to be a tepid debut on Monday as investors who had recently bought into TSLA decided to cash in and sell their stock.

The Elon Musk-helmed company slumped as markets opened at the start of the new week and was down 5.27% at midday (ET) on the Nasdaq.

Tesla’s addition to the S&P 500 has been a challenge for S&P Dow Jones due to its sheer size and scale.

Tesla is the largest ever company to be added to the stock index, and on Monday, it had the fifth largest weighting overall at 1.69%.

The company’s $527bn float-adjusted market cap is trumped only by Facebook (FB), Amazon (AMZN), Microsoft (MSFT) and Apple (APPL), though Alphabet (GOOGL) is also bigger when its share classes are combined.

Wedbush Securities analyst Dan Ives said that Tesla’s addition is a “feather in the cap” for the company and that “it’s really about profitability”.

Tesla shares had closed 6% higher at a record $695 on Friday as fund managers and investors bought into the company in anticipation.

While TSLA was trading lower on Monday, stock has skyrocketed 730% during the calendar year.

Analysts are still mixed on Tesla though as the consensus remains at hold with eight buy, 11 sell and 13 hold ratings.

The average price target is $287.72, which is some way short of the current $657.63 trading price.

 

 

Source:

http://cnb.cx/3h9KOgP

http://cnb.cx/2WBn7ol

http://bit.ly/3nHXe2b

http://yhoo.it/3hascgN

http://bit.ly/34B61LB

 

 

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