Tesla Inc.’s stock rout following this month’s $2.4 billion capital raise intensified after a once-bullish analyst called the range of issues facing the electric-car maker a “code red situation.”
The shares have dropped in nine of the last 10 trading days, a stretch that started the day Tesla closed offerings of new stock and convertible bonds to shore up its balance sheet. In that span, Tesla has plunged more than 20% and fallen back behind Ford Motor Co. by market capitalization.
