Shares of Tesla (NASDAQ: TSLA) took a hit on Friday. At its worst point during the trading day, the stock was down 6.3%. However, by the time the market closed, shares were down 4.4%.
The growth stock‘s decline extends a big pullback for the stock recently, largely driven by growing negative sentiment in the market about the valuations of stocks like Tesla that soared in 2020. Investors seem to be doing some profit-taking.