Tesla Inc. (NASDAQ: TSLA) is scheduled to release its second-quarter financial results after the markets close on Wednesday. The consensus estimates call for a net loss of $2.89 per share and $3.96 billion in revenue. The same period of last year reportedly had a net loss of $1.33 per share and $2.79 billion in revenue.
Recently, a report suggested that Elon Musk lashed out at a new analysis claiming that nearly a quarter of the more than 400,000 advance reservations for Tesla’s Model 3 battery-sedan have been canceled. This has yet to be seen, but the earnings report will give us a better idea.
According to CNBC:
But a closer look at Musk’s comment raises a different reason for concern: The prospect that new orders may not keep up with Tesla’s long-awaited production ramp-up at its suburban San Francisco assembly plant.
Tesla stock has underperformed the broad markets in the past 52 weeks, with the share price down about 8%. In just 2018 alone, the stock is down 4%.
A few analysts weighed in on Tesla ahead of the report:
- UBS Group has a Sell rating with a $195 price target.
- Goldman Sachs has a Sell rating and a $195 target.
- JPMorgan has a Sell rating with a $180 price target.
- Needham has an Underperform rating.
- Barclays has a Sell rating with a $210 price target.
- Merrill Lynch has a Sell rating with a $180 price target.
- Sanford Bernstein has a Neutral rating with a $265 target.
Shares of Tesla were last seen trading at $299.19 on Wednesday, with a consensus analyst price target of $294.79 and a 52-week trading range of $244.59 to $389.61.