Tesla Stock (NASDAQ:TSLA): It’s Probably Time to Take Profits

Shares of electric vehicle (EV) pioneer Tesla (NASDAQ:TSLA) are taking a breather alongside the broader basket of high-tech plays in this late-summer cool-off. The stock is now down just over 20% from its July 2023 peak and around 43% from its 2021 all-time high. As negative momentum builds on itself, it could be time for investors who are still up to take profits rather than double down on a name with a valuation that’s becoming increasingly difficult to justify.

Further, as macro headwinds stand to worsen, there’s a good chance Tesla stock’s losing streak could extend further, perhaps to January’s ominous lows of around $113, as valuations in the tech scene look to contract yet again.