Analysts dug into the company's path to profitability, the company's new CFO and the many projects that Tesla has undertaken.
"We continue to have major concerns around the trajectory of Tesla's growth prospects and underlying demand on Model 3 in the U.S. over the coming quarters which is putting more heat in the kitchen on Musk & Tesla to reign in expenses at an accelerated rate with profitability targets in [the second half of 2019], a Kilimanjaro-like uphill climb, in our opinion," wrote Wedbush.
The note also called out Tesla's new CFO Zachary Kirkhorn.
"With an inexperienced CFO at the helm, micromanagement of expenses now a focus (e.g., Musk employee email/memo from last week per media reports), and demand issues a dark butt over Fremont, we have continued concerns around Tesla's ability to balance this "perfect storm" of softer demand and profitability concerns which will weigh on shares until Musk & Co. prove otherwise in terms of delivering solid results over the coming quarters," wrote Wedbush analysts.
Jim Cramer says that investors need to remember that Elon Musk is not the stock, so don't invest simply for the CEO.
"[Tesla investors] are not looking at the fundamentals, the fundamentals mean nothing to them. Now what they care about is Elon Musk is a genius. Elon Musk is a genius, but he's not a stock. If he were a stock, you'd be a buyer, but he's not. A person is not a stock and people have to recognize you're buying a person, but a person doesn't have an earnings per share. A person doesn't have a balance sheet. It's just a person. This is a company that they should be thinking about, but they're not going to," said Cramer.