Tesla stock is down 50% from its high. Here's what to consider before buying

(Credit: David Paul Morris—Bloomberg/Getty Images)

Is it finally safe to buy Tesla stock? It would seem so. 

Even before the price dropped after the company’s investor day on Wednesday, the notoriously volatile shares recently hovered around $210, about half their November 2021 all-time high. Last year, the automaker delivered its best results by a mile as profits more than doubled to a record $12.6 billion. With factories in California, Nevada, Texas, New York, Germany, and China, the company produced almost 50% more vehicles last year than in the year before, and more factories are planned. All in all, it looks like a growth phenomenon for investors to grab hold of, and Wall Street analysts following the company agree, rating its stock “Buy” or “Overweight.”