Tesla Under Pressure After Mixed Q1 Report

Tesla Inc TSLA shares are trading lower by $14.00 (4.2 percent) at $297.02 in Thursday's session.

After Wednesday's close, the company reported Q1 earnings that revealed a larger than expected loss of $0.52 with a sales beat of $100 million. The company confirmed Model 3 production is on schedule for July.

Some investors might be concerned about the company's cash burn, as it had only $4 billion cash on hand heading into Q2.

After a lower open, Tesla's stock managed a $0.34 bounce to $307.77 before continuing its move lower. So far, the ensuing decline has taken the stock to $295.35 and is attempting to rebound. That low coincides with its April 13 low of $295.30.