Key Takeaways Shares of Tesla pulled back from multiyear highs after a judge ruled for a second time against the EV maker's pay package for CEO Elon Musk.The company said it would appeal the decision.

Tesla shares fell in premarket exchanges Tuesday after a court rejected Elon Musk's multibillion-dollar pay package again. Shares closed 3.5% higher on Monday at $357.09 but were down 1.6% in Tuesday's premarket,

Tesla ( TSLA 3.46%) stock is up 47% since Donald Trump's Election Day victory on Nov. 5. It isn't necessarily because investors think the company is about to sell more electric vehicles (EVs) -- in fact, its EV deliveries are on track to shrink in 2024 for the first time since it launched the Model S in 2011.

Shares of Tesla Inc. were starting December with a gain, as investors cheered the long-awaited update to electric-vehicle giant’s Full Self-Driving software.

On Sunday, Stifel analyst Stephen Gengaro raised his Tesla stock price target to $411 from $287. He kept his Buy rating.