Tesla was the worst performing stock in the Cheddar 50 Wednesday, falling more than 7 percent to its lowest level in more than a year.
Shares of the electric automaker were plagued by a downgrade by Moody’s, a crash investigation, and a backlogged production line.
“All those things combined with a skittish technology market...is really weighing on the shares,” explained Efraim Levy, and analyst at CFRA.
On Tuesday, the National Transportation Safety Board announced it is opening an investigation into a fatal car crash involving a Tesla in California last week.
The company hasn’t been able to provide many details about what happened and is still “unclear if automated control system was active at time of crash.” This would be Tesla’s second NTSB investigation in as many years.
Also on Tuesday, Moody’s downgraded Tesla’s credit rating because of a “significant shortfall in the production rate of the company’s Model 3 electric vehicle,” the agency said in a release. This delay may then force the company to seek out extra funding.
However, some experts and investors remain bullish on the carmaker’s long term outlook.
CFRA maintains its hold position on the shares.
“Ultimately, the direction that we’re going is more electrification,” said Levy.
“I would never bet against Elon Musk’s ability to raise capital,” said Frederic Lambert, Editor-in-chief of Electrek. “Historically, he’s been very consistent on that front.”
For the full interview, [click here](https://cheddar.com/videos/cfras-efraim-levy-explains-why-he-maintains-hold-opinion-on-tesla).
'Unicorn Hunters' gives business owners the potential of reaching a billion-dollar valuation, but before they can get the capital they have to impress the 'Circle of Money.' Rosie Rios, former U.S. Treasurer and co-host of 'Unicorn Hunters,' joins Cheddar News to talk more about the show.
There's a new ETF designed to offer investors exposure to 'meme stocks.' Roundhill Investments launched it earlier this month and says the ETF is the first that is explicitly designed to track the performance of meme stocks. Roundhill Investments Vice President of Research Mario Stefanidis joins Cheddar News' Closing Bell to discuss.
Jared Madfes, Partner at Tribe Capital, joins Cheddar's Closing Bell, where he says crypto investors should continue to focus on the long-term despite the recent price boost in the hours following Wednesday's Fed decision.
Mobile bill payment application Papaya recently raised $50 million in a series B round led by Bessemer Venture Partners.
Papaya lets users take a photo of any bill, and the app's AI-powered 'bill understanding technology' pays the bill in seconds. The company says its goal is to help people spend more time on things that matter, by making bill-paying as painless and quick as possible. Papaya CEO and co-founder Patrick Kann joined Cheddar News' Closing Bell to discuss.
If you're looking for a date, 2022 might be your year. Online dating platform Bumble is buzzing with dating predictions from its latest survey. Shan Boodram, sex and relationships expert at Bumble, joined Cheddar to discuss some of the findings and what people can expect from the future dating landscape. Some of the results showed that public displays of affection are back on the rise as more people get vaccinated and that more users are opting for alcohol-free first dates. She also explained the trend of "explori-dating," a way that users are attempting to get out of their comfort zone. "People are willing to date outside of their city to get to that," she said.
Anthony Martini, Chief Music Officer of Slip.stream, and Jesse Korwin, CMO of Slip.stream, talk about the challenges creators have uploading music on Twitch and how 'Slip.stream' prioritizes artists by streamlining the licensing process.
On this episode of Cheddar Innovates: Nucleus CEO breaks down what the future of the genomics industry looks like; Biomilq Co-Founders explains how they are is recreating the process of milk production outside the body to combine both nutrition and practicality for new moms; A look at Curiosity Stream's 'Top Science Stories 2021.'
On this episode of Cheddar Innovates: Omorpho Co-Founder explains the innovation driving gravity sportswear; Cool Beans CEO breaks down the science behind 'good mood food;' A look at Curiosity Stream's 'Building The James Webb Telescope.'
