As electric vehicle technology continues to evolve, the once niche market of electric pickup trucks is transforming into a hotly contested battleground. In a bold move to protect its turf from burgeoning competitors, Ford F has ag
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In a bid to offer a more accessible choice for customers in the competitive electric vehicle (EV) market, Ford F has significantly reduced prices of its electric F-150 pickup truck. Prices for the F-150 Lightning Pro base model ha
Electric carmaker Tesla Motors TSLA is scheduled to report second-quarter 2023 results on Jul 19 after market close. Let’s take a closer look at its fundamentals ahead of the earnings release.Tesla stock has risen about 61% so far
Ford Motor Co.’s (F) shares plummeted 5.9% after the company warned that the price of its electric F-150 Lightning pickups likely to fall around $10,000.Tesla Inc.’s (TSLA) shares surged 3.2% after the company successfully built i
The NASDAQ 100 Pre-Market Indicator is down -27.37 to 15,685.91. The total Pre-Market volume is currently 38,551,577 shares traded.The following are the most active stocks for the pre-market session: Nikola Corporation (NKLA) is -0.07 at $2.26, with 2,349,801 shares traded. NKLA
The National Highway Traffic Safety Administration said Tuesday it is opening a new special crash investigation into a fatal accident in California involving a 2018 Tesla Model 3 where advanced driver assistance systems are suspected of having been used.
Tesla on Tuesday sought to assuage Brandenburg state residents' concerns by holding a question-and-answer session on the EV maker's planned expansion that would make its local plant the biggest car factory in the country.
Fintel reports that on July 17, 2023, Wedbush reiterated coverage of Tesla (NASDAQ:TSLA) with a Outperform recommendation. Analyst Price Forecast Suggests 27.86% Downside
Fintel reports that on July 17, 2023, Wells Fargo maintained coverage of Tesla (NASDAQ:TSLA) with a Equal-Weight recommendation. Analyst Price Forecast Suggests 27.86% Downside
Fintel reports that on July 17, 2023, Morgan Stanley reiterated coverage of Tesla (NASDAQ:TSLA) with a Equal-Weight recommendation. Analyst Price Forecast Suggests 27.86% Downside
Not every reaction is instantaneous. Referees in football sometimes take a while to make a call after a play ends. Iron exposed to oxygen causes rust, but only slowly.
September S&P 500 futures (ESU23) are down -0.03%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.10% this morning as market participants braced for the next round of quarterly reports while also awaiting crucial U.S. retail sales data.
For Immediate ReleaseChicago, IL – July 18, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the finan
Tesla is due to hold a question-and-answer session on Tuesday for citizens in the German state of Brandenburg on the ramifications of a planned expansion of its EV and battery plant which would make the site the biggest car plant in the country.
Electric vehicle (EV) maker Tesla (
NASDAQ:TSLA
) is scheduled to announce its
second-quarter results after the market closes on July 19. Tesla impressed investors with
upbeat Q2 deliveries, thanks to price cuts that aimed to boost demand and make its EVs affordable to receive tax credits under the Inflation Reduction Act. However, several analysts are concerned about the impact of these price cuts on Q2 margins and the stock’s high valuation following a 136% year-to-date rally.
Expectations Ahead of Tesla’s Q2 Earnings
Tesla produced 479,700 vehicles in the second quarter. It delivered 466,140 units in Q2, marking an 83% year-over-year jump and a 10% rise from the prior quarter.
Analysts expect the company’s Q2
revenue to rise more than 43% year-over-year to $24.3 billion. The company’s
adjusted EPS is projected to rise about 4% to $0.79, as lower margins are expected to offset the robust growth in revenue.
On Monday,
Wells Fargo analyst Colin Langan raised his price target on Tesla to $265 from $170 but maintained a Hold rating. The analyst expects Tesla’s Q2 gross margin to decline to 17.5%, reflecting continued price cuts and a weaker mix. He anticipates Q2 EPS coming in at $0.75.
Langan also highlighted the 68% rise in the stock over the last two months due to better-than-anticipated Q2 deliveries,
multiple deals by Tesla to share its charging network with rival EV makers, reports about Model 2 launching by the end of 2024, and Model 3 SR qualifying for full EV tax credits. That said, Langan is concerned about Tesla's Q2 auto margin due to price cuts and is also concerned about volumes heading into the second half of the year.
Meanwhile,
Barclays analyst Dan Levy thinks that Tesla has a “tough set-up” heading into the Q2 earnings, as momentum in the stock has outweighed fundamentals. Like several other analysts, Levy also believes that Tesla’s Q2 auto gross margin will be the “key focal point.” He projects Tesla’s auto gross margin declining by 150 basis points quarter-over-quarter to 17.5%.
Levy sees the stock moving higher if Tesla reports flat margins and management commentary indicates that Q2 is the trough for margins. Conversely, he cautioned that the stock could go down if there are indications of persistent margin weakness. Levy reiterated a Hold rating on Tesla with a price target of $260 last week.
Technical Indicators Ahead of TSLA's Q2 Earnings
Ahead of the Q2 earnings release,
technical indicators reveal that Tesla is a Buy. According to TipRanks’s easy-to-understand technical tool, TSLA’s 50-Day EMA (exponential moving average) is 236.19, while its price is $290.38, making it a Buy. Further, TSLA’s shorter duration EMA (20-day) also signals an uptrend.
TipRanks’ Website Traffic Tool Insights
According to TipRanks’ Website Traffic Tool,
visits to tesla.com and shop.tesla.com were up 19% year-over-year in the second quarter, which bodes well for the Q2 revenue growth. However, it is important to note that website visits were up only 1.8% in Q2 compared to the first quarter of 2023.
Is Tesla Stock a Buy, Sell, or Hold?
Wall Street is sidelined on
TSLA stock, with a Hold consensus rating based on 12 Buys, 13 Holds, and five Sells. The average price target of $237.50 indicates a possible downside of 18.2% from current levels.
Conclusion
Tesla shares have enjoyed an impressive rally this year, driven by multiple factors including Q1 performance, Q2 deliveries, and deals involving the company’s Supercharging network with the likes of Ford (
NYSE:F
), General Motors (
NYSE:GM
), and Rivian (
NASDAQ:RIVN
). Nonetheless, analysts are focused on the impact of the price cuts on the Q2 gross margin.
Disclosure
Asian stocks fell on Tuesday as this week's soft Chinese economic data and an absence of stimulus weighed on sentiment, while investors were waiting to see if U.S. retail sales figures shed light on the Federal Reserve policy outlook.
On July 17, 2023 at 14:25:37 ET an unusually large $2,221.59K block of Call contracts in Tesla (TSLA) was sold, with a strike price of $292.50 / share, expiring in 18 day(s) (on August 4, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 2.75
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