Tesla dropped Tuesday after being downgraded by Nomura Instinet, which was formerly one of the most bullish firms on Wall Street toward the stock. The electric auto manufacturer has warned customers that they have a small window of opportunity to order the colors before its too late.
Tesla is "no longer investable", Shah said.
Musk has security clearance because another of his companies, SpaceX, provides satellite launch services to the USA government. It's hard to sell electric cars.
One day after Tesla CEO and board member, Elon Musk, spoke about digging tunnels under LA and human threatening AI while taking a hit of Marijuana and drinking whiskey during a live interview, the company fell into seemingly deeper turmoil.
Baird analyst Ben Kallo confirmed his buy rating on Tesla, saying that the stock is still worth a buy "even with drama". But don't worry, if you really want them, they can be made available as a special request, just as long as you're willing to pony up a bit more than their current $1,500 price tags. In fact, as other vehicle manufacturers such as Mercedes and BMW put their own focus on electric cars, mass production of the Model 3 is essential for Tesla's long-term survival.
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It's no secret that high-tech automaker Tesla has faced all sorts of challenges lately.
Though the company has faced production issues, concerns about financial health, a reported investigation from the SEC, and questions about the decision-making of Musk.
Over the past month, Tesla shares have tumbled by 26 percent in several rounds of steep nosedives.
A Tesla spokesperson referred to previous comments in which Musk said Tesla expects to turn a profit in the third and fourth quarters.
Alliance Bernstein analyst Toni Sacconaghi, Jr said much of the pressure on Tesla shares over the last month has been due to the sense Musk is "running wild and can't be contained" following a patch of erratic behavior, including a podcast appearance Thursday night in which he smoked marijuana.
"They can expect, I think, a substantial amount of people pulling their reservations", Acevedo said.