After hitting a high of $291.42 on Sept. 4, Tesla Motors Inc. (Nasdaq: TSLA) stock has fallen precipitously. In just six weeks, the TSLA stock price has dropped 24.8% at today's low of $219.10. But this sell-off is not a panic signal.
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The small lithium-ion batteries that Tesla Motors Inc. (Nasdaq: TSLA) uses to power its luxury $70,000 (base price) electric cars look very similar to the AA batteries you put in your television remote. They're about 2.5 inches long and the Tesla Model S sedan uses thousands of them to travel for 265 miles on a single charge.
Tesla Motors Inc. (Nasdaq: TSLA) is one of the most talked-about stocks on the market today, because it's soared 586% since the start of 2013 and has one of the most famous CEOs in the world, Elon Musk.
That has many readers asking the same question: Should I buy Tesla stock?
The Tesla stock price opened at $245 per share today, a nearly 16% drop from the all-time high of $291.42 that it hit less than three weeks ago on Sept. 4. During that stretch, Tesla Motors Inc. (Nasdaq: TSLA) stock has posted a loss on seven of the 11 trading days.
And while that has many investors worried about the direction of the Tesla stock price, this recent pullback has actually created an excellent profit opportunity for those looking for a long-term buy.
The Tesla stock price was up more than 1% this week, as details of the Tesla Gigafactory continued to dominate headlines.
This week, Nevada Governor Brian Sandoval signed $1.3 billion worth of tax breaks for Tesla.
The Tesla stock price was down nearly 5% today to $272.51, following yesterday's statement from CEO Elon Musk that Tesla Motors Inc. (Nasdaq: TSLA) shares are overvalued at the moment.
"I do think people sometimes get carried away with our stock," Musk said on CNBC yesterday.
But even if Elon Musk thinks the shares are overpriced now, this stock still has great long-term potential. Today’s drop is just a blip on the radar. In fact, TSLA stock could double in the next 12 months…