It’s not the time to buy Tesla stock, according to one investor.
Ahead of the Tuesday afternoon release of the company’s highly anticipated second-quarter delivery results, which surprised to the upside by setting new delivery and production records, experts warned that even a fundamental win won’t correct the technical breakdown in Tesla’s stock.
“If you want to own a company like this, you believe in [CEO] Elon Musk, as I do — and I’ve owned it in the past — you’re owning the belief in the entrepreneur, the optimism surrounding the technology, but you cannot own this stock on a fundamental reason at all, ” Quint Tatro, chief investment officer at Joule Financial, said Tuesday on CNBC’s “Trading Nation.”
“It’s very, very difficult. There’s really no financials to speak of,” Tatro said, citing the company’s plans to raise capital through equity and debt markets. “There’s no reason to be a buyer here, or, quite frankly, until they get these financial numbers figured out and we…