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Two companies, named after the surname of genius scientist Nikola Tesla, have risen and fallen in recent years. Tesla and Nikola are receiving the attention of investors who applauded the optimistic “future” presented by the two companies and recently, due to concerns that it could end in a “Japanese Jang Chun-Mong” are rising, prices of the stocks are plummeting. In particular, the two companies have a big impact, as they are stocks intensively acquired by individual investors, the so-called ‘seohak ants’ in Korea. According to the Korea Securities Depository, the scale of investments in Tesla and Nikola stocks by domestic investors amounted to $ 4,622.6 million (4,752.8 billion won) and $ 12,692 million (1,485 billion won). won), respectively.
Stock companies with a lower Tesla price target
According to Market Point on the 23rd (local time), the share price of Tesla, an electric car maker, ended at $ 380.36 per share, 10.34% less than the previous trading day. This month alone it fell 23.67% ($ 498.32 → $ 380.36).
Many estimates that Tesla’s stock price plummeted was due to the return of excessive expectations. The representative example is ‘Battery Day’, which 270,000 people around the world watched the day before.
Initially, there were many observations that Battery Day was an opportunity to raise the share price, which showed signs of correction recently. But when I opened the lid, the result was different. Elon Musk’s chief executive officer (CEO) introduced a “ mid-priced ” battery and electric vehicle with his own development plan. It means that you can ride Tesla’s electric car for less than 30 million won. The problem was the timing of its mass production. “It will be three years,” Musk said, admitting that there is a long way to go for mass production.
The major Wall Street securities firms are directly lowering their target prices. According to Reuters, 33 major securities firms have offered Tesla’s average price target of $ 305. It is more than $ 100 less than the recent consensus. This means that it is important to note that there may be an additional drop of about $ 80 from the current share price. CNN Business reported that 32 analysts offered a 12-month average price target of $ 314.40, down 19.27% from the previous year.
Investment bank UBS said in a letter to a client that day: “When a new Tesla car arrives, there will be considerable competition from other automakers like Volkswagen.” In fact, Volkswagen recently unveiled the ‘ID.4’ electric SUV and said: “We will sell it for thousands of dollars less than Tesla’s ‘Model Y’ SUV.”
Dan Ives, an analyst at Wedbush Securities, said: “Investors were very disappointed by the comments from Musk’s chief executive. That’s why the share price is plummeting.” Wedbush has been relatively friendly to Tesla.
“Some analysts say it is impressive for Tesla’s technology and cost reduction targets,” Reuters said. “It will take at least a year to see some of Tesla’s battery innovations in production.” “Many people believe that Musk’s promise lacks content,” he said.
“Nicola to stop negotiations to build a hydrogen charging station”
The situation is worse for Nicola, the start-up of the hydrogen truck. Nikola’s share price plunged 25.82% on the same day to close at $ 21.15 a share. Compared to the short-term high of $ 50.05 on the 8th, it fell 57.74% in just 11 business days. Compared to the June 9 record ($ 79.73), it was almost a quarter of a piece.
Nikola, caught up in a controversy over fraud, took a direct hit that day. This is because the Daily Wall Street Journal (WSJ) cited a source and reported that “Nicola has stopped negotiations to build a hydrogen charging station with several partners, including the British energy company British Petroleum (BP).” It’s an analysis that business partners are coming out of as controversy over fraud arose.
Nikola drew a blueprint for a green hydrogen truck ecosystem, with hydrogen trucks as his primary focus, but with hydrogen charging stations across the United States and solar power installation at base stations. Building a hydrogen charging station is Nikola’s core vision. The suspension of negotiations is the first real challenge that the fraud controversy posed to Nicolás.
Suspicions against Nicolás continue. The United States Securities and Exchange Commission (SEC) and the Department of Justice have launched an investigation into the allegations, including the Hindenberg allegations. CEO Trevor Milton, who founded Nicola in 2014, abruptly resigned, amplifying the controversy.
