TSLA) shares fell over 21% at Tuesday’s closing — marking the worst day of declines for the automaker after it was left out of the prestigious S&P 500 index.
four consecutive quarters of profitability as of its July results, the company failed to make it to S&P 500.” data-reactid=”21″>Even though Tesla has achieved four consecutive quarters of profitability as of its July results, the company failed to make it to S&P 500.
This week, the company sold $5 billion in new stock in order to raise capital.
In late August, the automaker’s stock underwent a 5-for-1 split, which led to a closing price of $442.68 at the time from prior closing of $2,238.75.
The company’s frequent capital raises, demand problem, and an undefined accounts receivable balance even as sales have declined are some of the other reasons the analyst cited for his rating.
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