However, the price of one of the most traded companies in the stock market, electric vehicle (EV) maker Tesla (NASDAQ: TSLA), has fallen more than the value of the two largest cryptocurrencies by market capitalization in 2022, Bitcoin (BTC) and Ethereum (ETH). Notably, Tom Dunleavy, senior research analyst at Messari Crypto, pointed out on December 28 how Tesla (-72%) is now down more than ETH (-68.28%) or BTC (-64.54%) year-to-date.
Tesla’s average price target
Furthermore, Welt’s Holger Zscaepitz also took to Twitter to reveal that Tesla, with a price of around $109, has never been further away from the average analysts’ price target ($255). Full-time trader and CEO and Founder of Eight Global, Michaël van de Poppe, highlighted that a ‘relief rally is around the corner’ and that it is ‘probably someone closing shorts and reversing trade.’ Interestingly, on December 27, he noted his key areas to watch:
Tesla’s Q4 market cap loss
Even while many companies struggled during the epidemic, finbold noted that Tesla was one of the best-performing stocks as investor focus shifted to technology. As the economy struggles to gain traction in the face of persistent uncertainty, Tesla’s market capitalization has been steadily declining since the beginning of 2022. Data acquired and calculated by Finbold as of December 26 indicates that in 2022 Q4, Tesla’s market capitalization stood at $388.87 billion, representing a drop of 52.87% or $436.32 billion from the $825.19 billion capitalization recorded on October 1. In the last three months of 2022, Tesla’s market value losses totaled $436.32 billion, which was more than the combined market caps of its top 10 competitors. In Q4 of 2022, the combined market value of all competing electric vehicle manufacturers was $280.78 billion. As a result, Tesla’s fourth quarter 2022 market value loss was 55.39% more than the sum of the losses of the ten largest rival EV manufacturers. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. +659
