STOCKHOLM — Tesla’s stock price tumbled on Monday after it raised its price target on Tuesday to $5,400 per share from $5.25 per share.
The stock fell to $4,849.70 after Tesla shares closed at $537.10, down 1.7 percent.
Tesla is the most valuable automaker in the world, according to Forbes.
Its stock has more than doubled in value in the last five years, rising more than 10 times since the year 2000.
Tesla’s stock has been trading lower since the beginning of this year and has been struggling to regain its former glory.
Tesla lost $8.8 billion last year, according the company.
The company is also grappling with the ongoing fallout from the March 7 fire that killed 12 people at its factory in Fremont, California.
The fire also resulted in a safety investigation by the California Department of Forestry.
The fire was blamed on a defective ventilation system.