What to Expect From Tesla After the Close
Tesla is scheduled to release its second-quarter financial results after the markets close on Wednesday.
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.
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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.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
