Tesla‘s roller-coaster ride showed no sign of slowing Monday as the stock kicked off the week on a low note. And according to Piper Jaffray’s top technical analyst, there’s more pain ahead.
as the firm reasserted its view that the stock is set to sink. Shares of the electric car maker have fallen 21 percent since Elon Musk, Tesla’s CEO, tweeted that he intended to take the company private. Weighing on the shares also was a report Monday that Saudi Arabia’s sovereign wealth fund, which Musk said was ready to help fund a buyout, was actually looking at a rival electric auto maker, Lucid Motors.
The stock saw a brutal sell-off last Friday after Musk gave an emotional interview with The New York Times. Some market strategists are unsure Tesla could thrive without Musk at the helm.
“I think that Tesla’s board needs to find a COO. Just because someone is a visionary does not make them a good operator,” Gina Sanchez, CEO of Chantico Global, said Monday in an email to CNBC.
“Visionaries” are optimistic by nature, Sanchez said, and tend to “over-promise and under-deliver.” While vehicle shipments have had issues arriving on time, Musk has accomplished a great deal during his tenure, and “it would hurt Tesla in the long run to lose Musk,” Sanchez added.