Shares of electric-car company Tesla (NASDAQ:TSLA) fell on Friday, declining as much as 5.6%. At 1:36 p.m. EST, the stock was down 4.4%.
The stock's pullback is likely primarily driven by an overall market sell-off on Friday that hit growth stocks particularly hard.
At the time of this writing, the S&P 500 had declined 2.3% today. But many stocks with fast-growing businesses and pricey valuations tumbled even more. As a growth stock itself, it wasn't surprising to see Tesla lumped into this group.
But some perspective is in order. Tesla shares are still up more than 200% over the past six months despite the stock's fall on Friday. Some investors may simply be taking gains and reassessing whether shares are worth their current valuation.
Investors are looking for Tesla to deliver more strong growth in vehicle deliveries this year. Last year, deliveries roses about 50% to 368,000, and management is expecting continued growth in the Model 3 and the launch of its Model Y SUV to push total deliveries in 2020 to more than 500,000 units.