Tesla (TSLA) Stock Declined 71% in 2022

O’keefe Stevens Advisory, an investment advisory firm, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. 2022 was a challenging year for the market and portfolios due to interest rate hikes. At the end of 2022, ~37% of the fund’s assets were held by its top 5 holdings. You can check the top 5 holdings to know the fund’s best picks in 2022.

O’keefe Stevens Advisory highlighted stocks like Tesla, Inc. (NASDAQ:TSLA) in the Q4 2022 investor letter. Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle and energy generation and storage systems manufacturer. On January 19, 2023, Tesla, Inc. (NASDAQ:TSLA) stock closed at $127.17 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was 3.26%, and its shares lost 59.58% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $401.571 billion.

O’keefe Stevens Advisory made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its Q4 2022 investor letter:

Tesla, Inc. (NASDAQ:TSLA) is a sub $200B market cap by the end of 2023. a. One poster child of the speculative environment is TSLA. Led by visionary Elon Musk, is not a technology company but an auto manufacturer. A capital-intensive, low ROIC business that should trade at a multiple far lower than the market. The first-mover advantage gave Tesla a dominant market share in the EV space declines as competitors take share and hurt TSLA margins and profitability. From questionable accounting practices to a full self-driving scam to a declining competitive advantage. A stock down 71% by itself does not make it cheap.”

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Tesla, Inc. (NASDAQ:TSLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 88 hedge fund portfolios held Tesla, Inc. (NASDAQ:TSLA) at the end of the third quarter, which was 73 in the previous quarter.

We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared stocks receiving price-target cuts from analysts. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.