Tesla stock is on one of its streaks -- and not the good kind.
Tesla stock was down 0.95% in premarket trading at $427.32, while S&P 500 and Dow Jones Industrial Average futures were off 0.2% and 0.3%, respectively.
It's been a slow start to the year for the EV maker and AI technology company. Coming into the day, shares had fallen nine of the past 10 trading sessions, and were down 14% from an all-time high of almost $499 a share reached on Dec. 22.
Not much has happened fundamentally. The average analyst price target for Tesla stock is up about $2 per share to $424 since Dec. 22, according to FactSet. That's still below where shares are trading, but trading above analyst targets isn't unusual for Tesla stock.
Shares rallied early in December on some robo-taxi optimism. Tesla launched a robo-taxi service in Austin, Texas, in June, with safety monitors in the front passenger seat. CEO Elon Musk suggested safety monitors would be leaving the cars soon, and Wedbush analyst Dan Ives said Tesla could be launching service in 30 cities in 2026. That was enough to push shares higher.
This week, a lot of companies at CES in Las Vegas seem to be barging in on Tesla's AI-related businesses, trying to build self-driving cars and AI-trained robots. That's been enough to send shares down for a few days.
Tesla reports fourth-quarter earnings on Jan. 28. That might be the next big thing that moves the stock -- up or down.
Investors will be looking for an outlook for 2026 EV deliveries and updates on AI-related businesses, including robo-taxis.
Coming into Thursday trading, Tesla stock was down about 4% this year and up about 9% over the past 12 months.
