What happened
Tesla (NASDAQ: TSLA) shares have dropped, jumped, and then dropped again today. And that makes some sense considering the news of the day. After sinking as much as 3.5%, the stock rose as high as 2.6% Friday morning. As of 12:42 p.m. ET, Tesla shares were back tradi
Cathie Wood has become one of the most influential professional investors in the world over the past few years. The Ark Innovation ETF (NYSEMKT: ARKK) -- just one of the exchange-traded funds she created at her firm, Ark Invest -- gained prominence in 2020, posting outstanding re
Tesla Inc shares touched a fresh two-year low in volatile trading on Friday as boss Elon Musk's promise to not sell his shares for at least two years did little to reassure investors.
Wall Street's main indexes swung between gains and losses in thin pre-holiday trade on Friday as investors assessed fresh inflation data, while energy shares jumped on higher oil prices.
Tesla Inc shares touched a fresh two-year low in volatile trading on Friday as boss Elon Musk's promise to not sell his shares for at least two years did little to reassure investors.
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Invesco QQQ (Symbol: QQQ) where we have detected an approximate $1.2 billion dollar outflow -- that's a 0.8% decrease week over week (from 554,150,0
Wall Street has been on a tumultuous ride ahead of Christmas as recession fears triggered by the re-emergence of the Fed’s hawkish tone led to risk-off trading. The weak result from the Micron Technology MU and Tesla TSLA sell-off added to the chaos. The weak trend might
Wall Street's main indexes were set to open slightly lower in choppy trading on Friday after data showed inflation cooled further in November, but not enough to discourage the Federal Reserve from driving interest rates to higher levels next year.
If you follow markets, it should be no secret that Tesla TSLA stock rapidly declined over the past year. While the S&P 500 Index is down 18.2%, shares of Tesla are down a whopping 63.6%.
Shares of Micron Technology Inc. MU tumbled 3.4% after posting first-quarter fiscal 2023 adjusted loss per share of $0.04, wider-than the Zacks Consensus Estimate of a loss per share of $0.02.Shares of CarMax Inc. KMX tanked 3.7% after reporting third-quarter fiscal 2023
Tesla (TSLA) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
The NASDAQ 100 Pre-Market Indicator is up 64.69 to 11,020.83. The total Pre-Market volume is currently 61,880,449 shares traded.The following are the most active stocks for the pre-market session: ProShares UltraPro QQQ (TQQQ) is +0.15 at $17.69, with 5,367,185 shares traded. Th
Mizuho Securities’
Vijay Rakesh believes that the high-interest rates and soaring energy prices will impact the affordability of cars and hurt the end market demand for vehicles in 2023. While the analyst sees slowing global auto sales, he expects EVs (Electric Vehicles) to continue to grow. He recommends a Buy on the shares of Tesla (
NASDAQ:TSLA
), Rivian Automotive (
NASDAQ:RIVN
), and Nio (
NYSE:NIO
).
Rakesh stated, “We believe global Auto sales are slowing, though production (LVP) is improving modestly as supply chain improve. The result is sliding auto prices and increasing dealership inventories. We also see interest rates trends impacting consumer demand near-term - a challenge for Auto and EV OEMs globally.”
Despite the challenges, Rakesh expects EV penetration to improve. This would support TSLA, RIVN, and NIO. However, he reduced his price target on these three stocks due to consumer headwinds.
While Rakes is bullish on these
EV stocks, let’s check how they stack up on TipRanks’ stock analysis tools.
Is TSLA a Buy or Sell?
Supply shortages, increased competition, and the Twitter nightmare lowered Tesla stock. TSLA stock has lost about 64% of its value year-to-date. However, most Wall Street analysts maintain their bullish stance on TSLA stock.
On TipRanks, TSLA stock has received 19 Buy, 10 Hold, and two Sell recommendations for a Moderate Buy consensus rating. Furthermore, analysts’ average price target of $272.41 implies a stellar 117.32% upside potential.
It’s worth highlighting that hedge funds have bought the dip in TSLA stock. Our data shows that
hedge funds bought 1.1M TSLA stock last quarter. However, insiders, including its CEO,
Elon Musk,
sold TSLA stock. Overall, TSLA stock has a Neutral Smart Score of six.
What is the Prediction for RIVN Stock?
Production challenges have weighed on Rivian stock. Like TSLA, analysts are cautiously optimistic about RIVN stock. It has received 12 Buy, four Hold, and two Sell recommendations for a Moderate Buy consensus rating.
Moreover, analysts’ average price target of $42.13 implies 113.53% upside potential.
While Street is cautiously optimistic about RIVN,
hedge funds sold 442.1K shares in the last three months. Meanwhile, RIVN stock has an Underperform Smart Score of two on TipRanks.
Is NIO a Buy, Sell or Hold?
Nio stock is down about 64% year-to-date. Despite the significant correction, NIO stock carries a Moderate Buy consensus rating on TipRanks. It has received eight Buy and four Hold recommendations. Moreover, analysts’ average price target of $16.31 implies an upside potential of 44.46%.
TipRanks’ data shows that hedge funds are optimistic about NIO and
acquired 536.5K shares last quarter. Also, Nio stock sports an Outperform Smart Score of
eight on TipRanks.
Bottom Line
The significant decline in shares of these EVs makes them attractive. However, competitive and macro headwinds could pose challenges. While TSLA, RIVN, and NIO stock command a Moderate Buy consensus rating on TipRanks, only Nio has an Outperform Smart Score on TipRanks.
Disclosure
U.S. stock index futures inched higher on Friday as investors awaited fresh inflation data to assess the Federal Reserve's path of future interest rate hikes, with the central bank's policy tightening weighing heavily on equities this year.
Trillions of dollars wiped off world stocks, bond market tantrums, whip-sawing currency and commodities and the collapse of a few crypto empires - 2022 has been perhaps the most turbulent year investors have ever seen, and for good reason.
A look at the day ahead in European and global markets from
Ankur Banerjee
Ignoring a hawkish Fed, investors attempted the briefest of
Santa rallies this week but revised U.S. GDP data and relatively
low claims for unemployment benefits have brought back worries
of higher-for-longer interest rates.
Form Energy Inc, a startup hoping to make long-duration storage batteries from materials including iron to store power from renewable energy, will partner with West Virginia to build a manufacturing plant in the state, the company and politicians said on Thursday.
Wall Street's major averages closed lower on Thursday with technology-heavy Nasdaq's 2% drop leading losses as investors worried that data showing a resilient economy would lead the U.S. Federal Reserve to keep hiking interest rates for longer than feared.