Tesla shares fell $4.82, or 16 percent, to $25.27 at 12:12 p.m. in Nasdaq Stock Market trading after earlier falling to $25.06 for the steepest intraday drop since July 6. Capstone Investments Inc. initiated coverage Dec. 23 with a “sell” rating on the expectation that plug-ins and other hybrids will continue to outsell pure electric cars such as Tesla’s.
The end of the lock-up period on Dec. 25 allows Tesla’s early investors to sell for the first time since the company’s June 28 initial public offering. Other holders may have sold off in anticipation of insiders’ sales, said Carter Driscoll, senior analyst for clean technologies with Miami Beach, Florida-based Capstone. His long-term price estimate is $22 a share.
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