Tesla shares: millennia sell their shares before first quarter deliveries

• The millennial generation has shunned Tesla's shares before announcing Wednesday night's first quarter shipments, according to data from Robinhood, the popular trading app among millennia.
• Tesla shipments were below expectations, the stock plunged more than 8%.
• Watch Tesla's trade live.

Millennia have dumped Tesla's shares, ahead of the company's disappointing delivery numbers in the first quarter, which drove the stock down by more than 8 percent.

Over the past week, 5,600 net accounts on the Robinhood free trading app, popular with younger users, have come out of their position on Tesla. The number of accounts holding shares in the electric car maker declined by more than 4%, the largest percentage decline among all stocks in Robinhood's top 100 positions. Even after the sale, Tesla still ranked 13th among the most held names on the app, just ahead of Amazon and just behind Snap.

The badyst predicted a significant drop in shipments, with Goldman Sachs badyst David Tamberrino citing an "increase" in demand in previous quarters due to a reduction in federal tax credits. International deliveries have not made up for the gap.

Tesla underperformed expectations, delivering 63,000 vehicles compared to the 64,000 vehicles expected by badysts surveyed by Bloomberg. The electric car manufacturer has reaffirmed its delivery forecast of 360,000 to 400,000 for 2019.

"Unless there is a short-term update of these models, we would be preparing for the rest of the year's S and X volume to remain low," wrote Morgan Stanley Adam Jonas.

Tesla was down nearly 20% this year, including Thursday's decline.