To The Moon

$Tesla Motors(TSLA)$ shares were downgraded again by Goldman Sachs on Sunday after being downgraded three times last week. Meanwhile, Wood's Ark Investment Management continued to sell $Tesla Motors(TSLA)$ shares on Friday. 1.Tesla be downgraded to neutral Goldman Sachs analyst Mark Delaney downgraded Tesla stock to "neutral" from a previous "buy" rating on Sunday. Elsewhere, Delaney raised his price target on the stock to $248 from $185, about 3% below $Tesla Motors(TSLA)$ 's closing price on Friday. “We believe the stock’s current share price better reflects our long-term bullish view on the company’s growth potential and competitive position,” Delaney said. The analyst noted that the "main reason" for the downgrade was that the market had overdrawn its long-term opportunities. "Delaney also said price cuts and discounts will continue to impact the global EV giant's gross margins. Deutsche Bank also released a report on $Tesla Motors(TSLA)$ stock on Monday morning. The firm raised its price target on $Tesla Motors(TSLA)$ stock to $230 from $200, while maintaining a "buy" rating on the stock. 2.Wood's Ark Investment Management sold $Tesla Motors(TSLA)$ On last Friday, Wood's Ark Investment Management sold 27,841 shares of $Tesla Motors(TSLA)$ at a closing price of $256.60, for a total of about $7.1 million. The sell-off in Tesla stock was done through the $ARK Innovation ETF(ARKK)$ and the $ARK Next Generation Internet ETF(ARKW)$. As of Monday, $Tesla Motors(TSLA)$ remained the largest holding of both funds. After buying Tesla shares at a low price in 2023, Sister Wood has been selling them in June. So far, she has sold nearly 494,000 shares of Tesla shares, and she has sold more than 780,000 shares this year. Before this month's sell-off, Mu Mu's fund bought more than 1.3 million Tesla shares in 2023. 3.Technical Analysis of $Tesla Motors(TSLA)$ Stock Since January 3, $Tesla Motors(TSLA)$ 's stock price has risen by about 122%, but it is still down 41% from its all-time high of $414 in November 2021. Tesla is trading well above the $207.79 buy point, which is a cup bottom or double bottom. It is possible that Tesla stock is forming a handle of its consolidation pattern from last September, although the handle may need some width and depth. The stock is trading roughly 30% above its 200-day/40-week moving average, the largest deviation since a peak in November 2021.